Enlarge Image

Mark Freerks

Related Group Chairman and CEO Jorge Perez at a recent broker event.

The new 254-unit Related project is planned on 28th Street near a notch along Biscayne Bay.

Related News

• Study: Young professionals dominate downtown Miami
• Resorts World Miami announces management team
• Genting may buy more land in Miami
• Genting closes Omni Center buy, names Miami president
• Banking and Finance Awards-Local/Community Bank of the Year

Oscar Pedro Musibay

Reporter - South Florida Business Journal

Email | Twitter | Facebook

The Related Group The Related GroupLatest from The Business JournalsStudy: Young professionals dominate downtown MiamiGenting may buy more land in MiamiGambling is the X-factor for big commercial sitesFollow this company is planning a 250-unit condominium tower on Biscayne Bay at the site of the stalled Onyx 2 on the Bay.

Miami-based Related won a $15.3 million foreclosure judgment tied to the site in October.

In 2008, an affiliate of BNP Paribas filed a foreclosure lawsuit against O2 LLC and guarantor BAP Development over a $9.1 million mortgage. Related’s PRH NE 28th Street LLC acquired the mortgage in June.

The property, at Northeast 28th Street and Biscayne Bay, will include 1,200-square-foot units priced at $350 a square foot, which is the downtown Miami average. (That works out to a per-unit price of $420,000.)

The tower would be located in Miami's Edgewater neighborhood, just north of the Adrienne Arsht Center for the Performing Arts.

Related is also planning a second tower at the 192-unit MyBrickell development. The push for a second tower is driven by the response so far, with about 40 percent of units reserved with a 10 percent deposit, said a source familiar with the project.

MyBrickell is priced at just less than $300 a square foot. The project signifies a further comeback for Related Chairman and CEO Jorge Perez, who had to work out some situations with lenders during the economic downturn.

http://www.sanlorinproperties.com