MIAMI | 2600 Biscayne (Oak Row Equities Parcel) | 521 FT | 40 FLOORS

[chris08876]

Oak Row Equities plans 400-unit apartment, office tower in Edgewater

Oak Row Equities, the developer and private equity firm that until recently was known as Carpe Real Estate Partners, is planning a roughly 40-story apartment and office tower in Miami’s booming Edgewater neighborhood.

The newly renamed firm, led by founders Erik Rutter and David Weitz, purchased the 2-acre site between Northeast Second Avenue and Biscayne Boulevard for $35 million from entities tied to hedge funder Bruce Berkowitz, according to Global Investment Realty’s Alex Suarez, who represented Oak Row in the deal.


The full-block parcel, bounded on the north and south by Northeast 26th Terrace and Northeast 26th Street, respectively, is mostly vacant but for a two-story office building on its westernmost end at 2601 Northeast Second Avenue.

Peter Andolina of Andolina Real Estate Corporation represented the seller. Investors in the project include Alex Karakhanian’s Lndmrk Development.

The preliminary plan is for an Arquitectonica-designed project with 399 market-rate apartments, though the unit count could change, Rutter said. The tower will sit atop a podium with 6,500 square feet of retail and 160,000 square feet of offices on floors two to 12. Renderings show a mezzanine level lined with palm trees, separating the residential portion from the base.

A third of the workspace has been pre-leased, Rutter said, declining to identify or describe the tenants.

The developers plan to begin the approval process, including seeking a go-ahead from Miami’s Urban Development Review Board, immediately, Rutter and Weitz said.

======================
TRD