MIAMI | 3333 Biscayne Boulevard | FT | FLOORS (3 TOWERS)

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Aimco teams up with Brooklyn firm to develop mixed-use project in Miami’s Edgewater

A Brooklyn real estate firm is partnering with apartment real estate investment trust Aimco to develop a mixed-use project in Miami’s Edgewater.

The development site is on the same block where Aimco has been assembling land and gut-renovating the Hamilton on the Bay apartment tower.


Beitel Group paid $45 million for the 2.8-acre property at 3333 Biscayne Boulevard, two months after Denver-based Aimco’s $1.7 million purchase of 440 Northeast 34th Street, according to Marcus & Millichap, which represented the seller.

The two firms plan to build a 1.5 million-square-foot development with more than 600 apartments, retail and office space, said Julien Darmon, director of acquisitions at Beitel Group. The office space would be built above the ground-floor retail, fronting Biscayne Boulevard.

The acquisition marks Beitel’s first purchase in Miami. The buyers financed the deal with a $40.9 million loan from Northwind Group, Darmon said.

Beitel is looking at other deals in South Florida, he said.

Apartment developers have flocked to Edgewater in recent years, and a number of new projects are in the pipeline.


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The site, one of the largest remaining assemblages in Edgewater, could be developed into a 36-story tower, or up to a 60-story high-rise with bonuses, according to the marketing materials. By right, about 417 residential units could be built and more than 2 million square feet of new construction. Residential, office, hospitality and retail are allowed on the assemblage.

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TRD