Major Food Group Set To Open NYC-Hotspot Sadelle's In Miami's Coconut Grove This Week

This weekend, Major Food Group (MFG), the creative force behind some of America’s most celebrated restaurants, continues its South Florida expansion with the opening of acclaimed all-day dining institution Sadelle’s in Coconut Grove. The concept, which first opened in downtown Manhattan in 2016, is a lifestyle as much as a restaurant: a breakfast-centric haven, power-lunch hotspot, and energetic dinner destination all in one. Named after MFG Co-Founder Jeff Zalaznick’s great grandmother, the New York-inspired restaurant attracts a worldly clientele in search of leisurely sophistication and some of the best bagels in America, among many other signature dishes.

Sadelle’s Coconut Grove is located at coveted intersection of Tigertail and Mary Streets at 3321 Mary St. With ample outdoor space surrounded by lush greenery, the Coconut Grove outpost will bring the show-stopping bagel towers, meticulously chopped salads, sliced-to-order salmon, triple-decker sandwiches, and lively, refined style of all-day dining the brand is famous for—as well as a made-for-Miami dinner program that’s poised to become a Coconut Grove essential. Menu highlights include caviar service, a selection of pristine raw seafood, The Sadelle’s Burger, a spicy chicken sandwich, a glazed Asian ribeye, and the restaurant’s first pizzas ever.

“We couldn’t have found a more perfect home for Sadelle’s than this corner of Coconut Grove. Our mission now is to create the sophisticated and ridiculously delicious all-day anchor that one of Miami’s most elegant neighborhoods deserves—and to show everyone a very good time, from morning through night.” Said Jeff Zalaznick, MFG Co-Founder.

Sadelle’s Coconut Grove marks the first MFG project in the historic Grove neighborhood, since the company established roots in the Miami region all throughout 2021 with CARBONE in the South of Fifth neighborhood, the private membership venue ZZ’s Club in the Design District, and HaSalon on 5th and Washington. Led by Co-Founders Mario Carbone, Jeff Zalaznick, and Rich Torrisi, MFG now operates a global portfolio of over 30 restaurants, private clubs, and hotels. The luxury brand will launch several additional Miami projects in the coming months and recently announced MAJOR., a forthcoming residential tower in Brickell built in collaboration with JDS Development, which will be the tallest high-rise in the city upon completion.

The location’s design follows the signature Sadelle’s style created by the renowned Ken Fulk, Inc, longtime MFG collaborators who have also conceived such celebrated, grand spaces as Carbone Miami and ZZ’s Club. Coconut Grove will be the fifth Sadelle’s in operation, following the original in New York City’s Soho, an outpost in the Bellagio Las Vegas, the recently opened location at Kith’s flagship store in Paris, France, and a soon-to-debut version at the luxury shopping destination Highland Park Village in Dallas, Texas.

In 2022, that number will grow as Sadelle’s joins several markets and launches at 1212 Lincoln Road, an innovative new retail project at the crossroads of Alton and Lincoln Road in Miami Beach.

Sadelle’s is a modern ode to New York’s classic tradition of all-day dining. Since opening its first location in the heart of SoHo in 2016, the brand has reached iconic status thanks to its urbane, celebratory atmosphere and a menu of hits, including some of the best bagels served anywhere. Among its many accolades, Sadelle’s was named an essential brunch destination by Harper’s BAZAAR and Cosmopolitan, and its sticky buns were ranked one of the Best Dishes of 2015 by The New York Times. Sadelle’s currently has outposts in New York, Las Vegas, Miami, and Paris, with Dallas and Miami Beach’s Lincoln Road location to follow.

In the span of a decade, MFG has grown into one of the most acclaimed hospitality groups in the world. They have pioneered a celebratory style of dining at such iconic restaurants as CARBONE and The Grill, forged groundbreaking partnerships with leading designers and luxury brands, and opened The Ludlow Hotel in Manhattan and The Newbury Boston. Since 2020, the company has expanded into several markets, from South Florida to Paris, while exploring new ventures like the private membership venue ZZ’s Club in Miami and The Crown Club at Brooklyn’s Barclays Center. In addition to building renowned restaurants, MFG is proud of its support of various social causes and its lasting partnership with the Robin Hood Foundation, one of New York City’s most important forces in the fight against poverty. To date, MFG has been awarded a total of 18 stars from The New York Times and three from the Michelin Guide. MFG’s businesses are located in New York City, Miami, Boston, Las Vegas, Hong Kong, Paris, and Tel Aviv. The concepts include CARBONE, Sadelle’s, The Grill, ZZ’s Club, Dirty French, Parm, Contessa, and The Lobster Club.

Images via Major Food Group

Royal Palm Companies Locks Down 3rd Largest Construction Loan In Florida History For Legacy Hotel & Residences

Royal Palm Companies, led by Dan Kodsi, has locked down a $340 million construction loan from the New York-based Silverstein Capital Partners for the sold-out Legacy Hotel & Residences in Miami Worldcenter in Downtown Miami. Legacy Hotel & Residences broke ground on August 19, 2021. The loan is Silverstein Capital Partner’s first financing deal in South Florida and represents the third largest construction loan in Florida history, following the The Estates at Acqualina’s $558 million in financing and Five Park’s $345 million in financing.

Silverstein Capital Partners is the lending arm of Silverstein Properties, who owns, develops and operates a $10 billion portfolio of high-quality assets including office, residential, hotel, retail and mixed-use properties. Silverstein Properties is known for the redevelopment of the World Trade Center in Manhattan following 9/11.

Legacy Hotel & Residences is located in one of the U.S.’s most ambitious and largest private master-planned communities, Miami Worldcenter (MWC), spanning 27-acres in Downtown Miami. The Kobi Karp-designed tower will sit on 1.3 acres, 60,000 SF, and will feature 310 sold-out branded residences which sit atop a 219-room hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio, and a Blue Zones Center medical and well-being center.

Royal Palm Companies broke ground on Legacy Hotel & Residences on August 19, 2021. RPC and OneWorld Properties, led by Peggy Olin announced a $160 million sellout of its 310 residences in May 2021, just 12 months after launching sales.

The Blue Zones Center is a joint venture with Adventist Health and Blue Zones to operate Legacy’s $100 million, 10-floor medical and well-being center in Miami, making Downtown Miami home to the world’s first Blue Zones Center. The JV is one of the largest commercial leases to be executed in Downtown Miami’s history. The facility is expected to become the most technology advanced health and well-being facility in the world, according to Adventist Health.

The center will offer teams of physicians and practitioners, an onsite lab, pharmacy, full AI-powered diagnostic center and rooms outfitted with medical gas and ventilator capabilities, allowing the hotel to remain operational during future pandemics. All aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods and guidelines to living long and happy lives.

The luxury skyscraper will also host ground-floor retail, downtown’s largest pool deck set on one acre, the city’s first enclosed seven-floor rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Legacy’s MICROLUXE® residences range from 350 SF to 850 SF with studios to two-bedroom units, offering the functionality of a micro-style home with the high-quality design and superior finishes of an elite condominium.

The Last Development Parcel on The Ultra-Luxury Fisher Island Under Contract to Related Group, Teddy Sagi and BH Group Joint Venture

A joint venture between real estate leaders Related Group, Teddy Sagi and BH Group are under contract on Parcel 7, the last available development parcel in Miami Beach’s historic Fisher Island. The partnership plans to develop an ultra-luxury boutique condominium in what has come to be known as America’s wealthiest zip code. The purchase price was not disclosed.

“We couldn’t be more excited to finally have the opportunity to develop on the island,” said Jon Paul Pérez, Related President. “Fisher Island has such a rich history and unmatched level of privacy; there’s really nothing else like it in Miami or the country. We look forward to delivering a product that pushes the bar even higher for this incredible neighborhood.”

This is the third acquisition for the Related, Teddy Sagi and BH joint venture, closely following high-profile purchases in West Palm and the City of North Miami. The two powerhouse firms continue to aggressively pursue additional joint opportunities throughout South Florida.

BH Group, the Miami-based private investment and real estate company, works in partnership with Globe Invest, a leading real estate investment manager in UK & Europe owned by acclaimed entrepreneur Teddy Sagi.

“We are only interested in the most marquee locations in Miami, and it is impossible to find anything better than Fisher Island,” said Teddy Sagi. “Despite the increasing levels of demand for top-tier parcels, we are bullish on the long-term potential of Florida. There is plenty of runway in this market.”

The 216-acre fisher island is located right off the coast of Miami Beach and is only accessible via ferry or watercraft. It has long been known as one of the country’s most exclusive communities, featuring a private golf course and beach, as well as a variety of lavish amenities, from butler service to a resident’s only restaurant. The man-made island has been home to many of Miami’s most iconic figures, including the heir to railroad fortune William K. Vanderbilt. It has also been home to some of the region’s most high-profile real estate listings.

The Developers of One Thousand Museum by Zaha Hadid Architects Pay Off $90 Million Inventory Loan Following Miami Art Week Sales

The developers of One Thousand Museum by Zaha Hadid Architects have paid off a $90 million inventory loan following a successful Miami Art Week 2021 which saw two units sell for a combined $30 million. A local buyer from Miami purchased a full-floor unit and a foreign buyer purchased a sky townhouse unit. One Thousand Museum is now 90% sold after 76 of the developer units have now been sold. Three furnished developer units remain.

The condo inventory financing was secured March 2021 from Cirrus Real Estate Partners after a Reuben Brothers-led venture, who had bought out the remainder of Fortress Investment Group’s stake in the debt behind the development, had filed a foreclosure lawsuit against the developers. Fortress Investment Group had initially provided a $225 million construction loan in 2016, half of which was later acquired by the Reuben Brothers-led venture, before a portion was paid back by the developers and the property was refinanced by Cirrus Real Estate Partners.

“Satisfying our $90 million loan in eight months comes during a buying frenzy and Miami’s high season, which we expect to take One Thousand Museum to sellout quickly,” said Louis Birdman, co-developer of One Thousand Museum. “Alongside Cirrus Real Estate Partners and our long-time collaborators at ONE Sotheby’s, we’re proud to conclude another chapter in this iconic building.”

“As a testament of the recent success leading to the loan payoff, during Art Week alone, our sales team inked two large sales totaling more than $30 million,” said Kevin Venger, co-developer of One Thousand Museum.

“One Thousand Museum is a unique and iconic property that will be enjoyed by its residents and a significant part of the downtown Miami skyline for years to come, said Joseph McDonnell, Managing Partner for Cirrus Real Estate Partners. “We are extremely pleased that the capital solution we provided to the sponsor group of One Thousand Museum facilitated the property performing to its full potential and, consequently, such quick repayment of our investment. Working with the developer group has been a pleasure and we look forward to collaborating with them again in the near future.”

One Thousand Museum was developed by Louis Birdman, Kevin Venger, Gilberto Bomeny, Gregg Covin and Todd Michael Glaser. The tower officially debuted August 2019 as one of the country’s most anticipated condominiums, with its striking exoskeleton instrumental to becoming the most iconic and identifiable tower in Downtown Miami. The tower was the designed by the late Zaha Hadid and was her first residential skyscraper in the Western Hemisphere. The unique tower features an exoskeleton which was made from glass fiber reinforced concrete imported from Dubai.

One Thousand Museum rises 62-stories and offers 84-units. The building’s luxe lifestyle and exclusive amenities are among its most desirable attractions including a private rooftop helipad, making it Miami’s only residential building accessible via its own private airport. One Thousand Museum is also the first residential building in the world to partner with Forbes Travel Guide to create a hospitality-focused experience for residents and their guests on par with the finest hotel in the world.

Additional amenities include a Sky Lounge for dining and private events; an on-premise bank vault; nearby private Beach Club, Museum Beach; access to a house car service, 1KM wellness center featuring state-of-the-art equipment by Techno-Gym, a Spa with relaxation pods and private treatment rooms for spa services and the Aquatic Center featuring an indoor lap-pool at the 61st Floor.

Photography by Robin Hill Photography

PMG Announces Pre-Leasing For Society Biscayne In Downtown Miami

PMG will commence pre-leasing at Society Biscayne, the highly anticipated social living community on Biscayne Boulevard in Downtown Miami. Pre-leasing begins on Friday, December 10 with move-ins slated to begin in Spring 2022. The 49-story Society Biscayne is being developed in partnership with Toronto-based real estate private equity firm Greybrook Realty Partners.

“Pre-leasing is always an exciting milestone to reach because it signifies that opening is right around the corner. We are pleased to begin planning for welcoming residents to Society Biscayne and look forward to seeing this new social community flourish in the heart of Downtown.” Said Ryan Shear, Managing Partner of PMG.

Located at 400 Biscayne Boulevard, the 882,000-square-foot project will offer 646 rental apartments, 32,000 square feet of commercial and a 22,000-square-foot redesigned First United Methodist Church of Miami. The ground-floor retail will feature corner coffee shop and meeting space by Cafe Domino and a new lobby cocktail bar and restaurant concept by Jaguar Sun. PMG’s offices will also relocate to the development upon completion.

Amenities at Society Biscayne include a massive pool deck with a 16-foot screen, covered bar and grilling terrace; an outdoor yoga platform and theater lawn; a sky view hot tub overlooking Downtown; a two-level modern gym and fitness studio featuring daily classes; a two-level co-working lab with conference rooms; 24/7 concierge and smart package lockers. A mobile app will provide residents access to keyless entry to units and common areas, guest lists and access, payments and maintenance requests, thermostats, track packages, signup for community events and send messages.

The Society Living portfolio was created to address the insatiable demand for reasonable rents close to urban centers, where modern neighbors can connect and thrive together. Urging residents to “Choose Happiness,” Society Living focuses on creating vibrant living spaces that foster personal growth within a culture of inclusivity and unity. Existing Society Living developments include Society Las Olas in Downtown Fort Lauderdale, Florida, which opened in May 2020; Society Biscayne in Downtown Miami, slated to open in Spring 2022; Society Orlando, under construction in Downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District. Over 8,500 units are planned nationally including additional developments in Atlanta, Brooklyn, Denver and Nashville.

JDS Development Completes Phase 1 Of Site Work At 1 Southside Park in Brickell

JDS Development Group, led by Michael Stern, has completed the first phase of site work at 1 Southside Park, a new world-class mixed-use luxury tower in the heart of Brickell. The developer has completed soil mixing on a portion of the site and has moved onto soil mixing at another site on the assemblage. They have also completed a temporary parking lot and the tower is now fully permitted. When complete the tower will rise 64-stories, 773’.

1 Southside Park designed by SHoP Architects, ODP Architecture and Design as well as James Corner Field Operations. The mixed-use project is a redevelopment of an existing fire station at 1105-1133 SW 2nd Ave. 1 Southside Park will rise 64-stories and span 2.48 million square feet of total development. The project will feature 1,195 multifamily units, 200 hotel rooms, 5,120 square feet of event space, 165,000 square feet of office, 99,824 square feet of health and wellness, 23,312 square feet of restaurant space, a 1,417 square foot fast food restaurant space, 1,000 parking spaces and a 32,000 square foot fire station. In exchange for increased development the density of the project, JDS Development will pay for improvements to Southside Park as well as included the new fire station in the project.

The residential units will be operated as apartment rentals and Barry Sternlicht’s Treehouse Hotels will operate the hotel component which will be known as Treehouse Brickell. The hotel component is being designed in collaboration with Rockwell Group with a focus on sustainability by implementing a wide range of energy, water, and environmental design strategies. Treehouse Brickell will minimize the hotel's environmental impact and provide a lower carbon footprint aided by features such as rainwater harvesting and reuse, low-carbon energy materials, electric-car-recharging stations, and bike parking. 1 Southside Park is expected to be completed in 2025.

Major Food Group and JDS Development Announce 'MAJOR' As The Restauranteurs Behind Carbone Launch Supertall Residential Tower On Brickell Avenue

Major Food Group (MFG), led by the creative forces and Co Founders Mario Carbone, Jeff Zalaznick, and Rich Torrisi of some of America’s most celebrated restaurants, is partnering with powerhouse developer and builder JDS Development Group, led by Chief Executive Michael Stern, to conceive, build, and operate MAJOR. : a new residential-hospitality tower located at 888 Brickell Avenue in Miami, Florida. MFG’s sophistication and reputation for unparalleled food and beverage experiences combined with JDS’s track record for confident, monumental design of quality and craftsmanship, sets the stage for a project of perfectly-dialed maximalism. Upon completion, MAJOR. will represent the tallest building in Miami at 1,049 feet.

MAJOR. marks a milestone in the evolution of Major Food Group, which currently operates a global portfolio of over thirty restaurants, hotels, and private clubs. MFG established roots in South Florida in 2021 with several smash successes: CARBONE and HaSalon in the South of Fifth neighborhood and the private membership venue ZZ’s Club in the Miami Design District. MFG will launch a range of additional projects in the region in the coming year, including several outposts of the brunch institution Sadelle’s, beginning with Coconut Grove, and Dirty French Steakhouse in Brickell.

Located at 888 Brickell Avenue, MAJOR. will feature 259 custom residences and offer the most impressive collection of food and beverage amenities of any building in Miami, if not the United States. MFG will oversee all branding and hospitality programming. Standalone restaurants and private clubs will be among the concepts.

“For the most dynamic city in the United States right now, our goal is to build the most luxurious residential tower in the world, with a thrilling array of spaces and amenities that no other building can match. In a word, this is going to be MAJOR.” said Jeff Zalaznick, MFG Co-Founder

MAJOR. represents yet another large-scale skyscraper by JDS Development Group. Led by Founder and CEO Michael Stern, JDS is a team of innovators and builders pioneering forms of large-scale urban development in the New York City and Miami metropolitan regions. The firm is known for complex assemblages and moving markets through transformative, design-forward projects that raise the bar for new development and challenge the status quo of the real estate and construction industries. JDS projects include the iconic Walker Tower, The American Copper Buildings, the recently topped-out Brooklyn Tower, and 111 West 57th Street in New York City, and Monad Terrace, Echo Brickell, and Echo Aventura in South Florida.

“You haven’t seen anything like MAJOR.,” stated Michael Stern, Founder & CEO of JDS Development Group. “We are proud to partner with the MFG on this unprecedented residential, dining, and hospitality opportunity.”

This will be the firm’s fifth supertall skyscraper and third project in the Brickell neighborhood. JDS also co-developed the record-breaking Echo Brickell condominium project and recently broke ground on the large-scale mixed-use 1 Southside Park in Brickell.

JDS and MFG have enlisted industry design luminaries Studio Sofield and Ken Fulk Inc. for the project. William Sofield, who will oversee design of the tower, lobby, and residences, has a longstanding relationship with JDS as interior architect of the ultra-luxurious 111 West 57th Street and historic Steinway Hall conversion in Manhattan. Sofield’s remarkable career includes work with luxury brands from Bottega Veneta, Tom Ford, and Gucci, to iconic clubs such as Manhattan’s Core Club. Fulk, a longtime MFG collaborator, will be responsible for the food, beverage, and club spaces at MAJOR. Fulk has designed such atmospheric spaces as Carbone and ZZ’s Club in Miami and the new Crown Club at Brooklyn’s Barclays Center, among other exceptional experiences for the swiftly expanding MFG brand family.

Additional MAJOR. details will be released early next year.

Tricera Capital And 13th Floor Investments Secure Lease With Echelon Fitness to Anchor The Boulevard's Retail Component

Tricera Capital, leading the retail efforts at The Boulevard, finalized a lease with a high-profile on-demand exercise firm to anchor the ground-floor retail component. The Boulevard, a 294-unit luxury apartment building, is being developed by 13th Floor Investments in partnership with both Wexford Capital and Tricera.

Tennessee-based Echelon Fitness is relocating its national headquarters to The Boulevard and will offer spinning classes, contemporary workout apparel & accessories in an upscale retail shop, as well as shoot live videos and offer in-person training at the 5700 Biscayne Blvd. location.

Tricera also completed a lease with the popular Crema Gourmet Espresso Bar, which will open a new location at The Boulevard.

Echelon is set to occupy 10,035 square feet at The Boulevard, which will have a total of approximately 27,000 square feet of retail. The 2.2-acre development site is located at 5700 Biscayne Boulevard – just 1.5 miles north of Miami’s Design District.

Known for “redefining home fitness,” Echelon offers a variety of home-based fitness options including connect bikes, rowers, reflects and the echelon stride.

The company plans to utilize the Miami location to offer in person training, spinning classes and will also have a studio component where they record live classes that will then be used for each digitally integrated product. Echelon will be bringing a much-needed luxury fitness experience to the area. It will also operate a retail store and corporate office out of the location.

“We are thrilled at the opportunity to bring an elite tenant such as Echelon to The Boulevard,” Tricera Capital Co-Founder and Managing Principal Ben Mandell said. “Echelon is truly disrupting the home fitness industry, they will fit in well with the pioneering technology firms that are increasingly moving to Miami. The in-person training component will be a major hit with The Boulevard residents and nearby residents and professionals.”

Crema Gourmet Espresso Bar is a local favorite that has locations in Coral Gables, Davie, Downtown Doral, Brickell, Downtown Miami and Miami Beach. At The Boulevard, Crema Gourmet will occupy 2,400 square feet on the ground floor and serve food and smoothies on the building’s rooftop.

Mandell and Jennifer Houston, Tricera’s Executive Vice President – Head of Retail Leasing, oversee retail leasing at The Boulevard. The duo is finalizing leases with a fast-casual poke concept from Pinecrest, upscale salon and luxury clothing boutique.

The partnership expects to complete The Boulevard and commence resident move-ins during the first quarter of 2022.

“This is a very exciting time to be in Miami and work on a project like The Boulevard,” Houston said. “We look forward to elevating the MiMo District with compelling new restaurants and high-end boutiques, creating an unparalleled experience for the project’s tenants and visitors.”

Tricera’s retail experience in the South Florida market is instrumental in making The Boulevard a retail destination for the local community and future residents. The burgeoning MiMo/Biscayne Corridor continues to grow as a top destination for affluent families and new retail concepts.

Remaining available inventory for lease includes flagship space at the intersection of Northeast 58th Street and Biscayne Boulevard – one of the most desirable food-and-beverage spaces left in Miami.

Miami-Based Private Equity Group Galium Capital Continues Rapid Expansion With Acquisition of Hanover Cross Street In Baltimore, MD

Galium Capital, LLC, a Miami-based private equity group, has announced the acquisition of Hanover Cross Street in Baltimore, MD. Hanover Cross Street is a 299-unit institutional-grade multifamily apartment building with an additional 12,000 square feet of retail located in Baltimore, MD. The transaction closed on November 17, 2021. Bill Roohan & Brian Margerum from CBRE brokered the transaction. Stephen West & Matthew Wallach from Walker Dunlop secured debt from Freddie Mac.

“The DC-Baltimore corridor is one the strongest markets for multifamily in the US. Its resilient industry mix and high job growth will directly benefit performance of the rental market over time. We are excited to be acquiring such a premier asset in the heart of Federal Hill – which is among the most attractive neighborhoods of the submarket. The acquisition of Hanover Cross Street allows us to continue our strategy of acquiring irreplaceable assets for value creation and wealth preservation,” said Jacques Bessoudo, Managing Partner of Galium Capital.

Hanover Cross Street is a luxury apartment community in Baltimore, MD which was developed in 2018 and is located at 101 W Cross St, Baltimore MD, 21320. The property features 299 units, world-class amenities and 12,000 square feet of retail.

Units at Hanover Cross Street range from studio to two bedroom floor plans and 557 to 1,312 square feet. Residences feature large bedrooms; custom space-saving double-hung walk-in closets; spacious kitchens with stainless steel appliances and designer custom cabinetry; spa-inspired bathrooms with large soaking tubs, dual-vanity countertops and walk-in showers; wood-style flooring and full-size high-efficiency washer and dryers. Select residences feature private terraces and built-in computer desks.

Residents will have access to world class amenities such as a controlled-access parking garage with dedicated car charging stations, a cyber lounge with high-speed WiFi and iMac computers, conference areas with SMART TV's, a fully-equipped residents' clubhouse, media rooms with large screen TV's and surround-sound, and a 24-hour fitness center with tablet-integrated cardio machines.

Outdoor amenities include a resort-like grand courtyard with outdoor pool, in-pool chaise lounges and areas for sunning; lush landscaping, grilling and dining areas with social spaces for gathering; and an open-air loggia with large screen TV's and cozy seating areas.

“Given the strong market dynamics in the DC-Baltimore region, the Mid-Atlantic region has been a major area of focus for us. We are thrilled to be entering the Federal Hill submarket with this acquisition, which has proved to me one of the most sought-after neighborhoods in the metro,” said Jonathan Slomianski, Director of Acquisitions at Galium Capital.

Hanover Cross Street is located a short distance to Marc Train Camden Station, Cross Street Market, Baltimore's Inner Harbor, and M&T.

Galium Capital, LLC, is a Miami-based private equity group led by Jacques Bessoudo and Iser Rabinovitz. The company owns and manages a portfolio in excess of $600 million of commercial real estate assets across the multifamily, office, and retail sectors in major markets across the United States.

Recently, Galium Capital had been one of the most active buyers in the Houston, TX market. In the past 12 months Galium Capital has acquired over 1,100 residential units and 65K of retail square footage in prime locations throughout Houston’s Galleria submarket. In August Galium Capital closed on the 340-unit, LEED Gold-certified Millennium High Street for the group’s third acquisition in the Galleria-district after closing on on the 431-unit Tate Tanglewood in May 2021 and 361-unit, Fairmont on San Felipe in September 2020.

The Estate Companies and PTM Partners Complete Soleste Grand Central Miami's First Large-Scale Opportunity Zone Development

Co-developers The Estate Companies (EIG) and PTM Partners (PTM) have announced the completion Soleste Grand Central. The highly anticipated eight-story, 360-unit rental development at 218 NW 8th St. brings a new standard of living to the Overtown district and is the first large-scale ground-up opportunity zone development to be delivered in Miami-Dade County.

“This is an exceptional milestone for our two firms and for Miami, adding yet another layer to the city’s ascendancy,” stated Robert Suris, managing principal, The Estate Companies. “Miami is one of the greatest cities in the world, and we are thrilled to deliver our distinguished Soleste brand to the Southeast Overtown Park West district. Soleste Grand Central delivers a new standard of luxury rental properties in the area and we are delighted to welcome the community to experience this beautiful property.”

“Over the past two years, the growth in population and industry base in Miami has outpaced any other destination in the U.S., and Overtown, with its rich cultural offerings, central location and proximity to public transit is one of the most exciting submarkets in the City,” added Michael Tillman, CEO and CIO, PTM Partners. “By combining PTM and The Estate Companies’ deep knowledge and expertise in multifamily development, we have been able to deliver on our impact investment focus and develop a Class-A product at a price point that is accessible to renters who have been priced out of many other recent new Class-A developments in Miami. The completion of Soleste Grand Central is a testament to the continued growth in this neighborhood.”

The contemporary-style building was designed by Caymares Martin with interiors by ASG Interior Design. Soleste Grand Central boasts nearly an acre of unparalleled indoor and outdoor amenity space for tenants to enjoy. The fourth floor features 20,000 square feet of amenities, including a state-of-the-art fitness center with virtual trainers, dedicated yoga and Pilates room, and areas for high intensity interval training programs. Post-workout, residents can enjoy the resort-style pool deck or indulge at the spa with relaxation rooms, sauna and massage therapy rooms. The indoor club room offers billiards, shuffleboard, a large communal living room and viewing area that can be modified for intimate or large group events. For a peaceful retreat, a relaxing drink, or outdoor movie viewing, the ninth floor deck provides open lounge areas and summer kitchens. The dramatic two-story marble-clad, hotel-inspired lobby offers a professionally programmed co-working space for residents, communal seating areas surrounded by indoor foliage, and a cafe with flexibility for event use.

Apartments range in size from approximately 442 to 1,082 square feet. Studios, one-, two- and three-bedroom units are outfitted with sleek, modern kitchens with custom cabinets, quartz countertops and designer lighting. Residences include dual master suites, spacious walk-in closets, private balconies and a full-size washer and dryer.

Nearly 20 percent of units have been reserved for workforce housing with the remaining units offered at market rate.

Soleste Grand Central is a transit-oriented development. In addition to its close proximity to the Virgin MiamiCentral Station, the community is also near the Metrorail, Metromover, bus lines and soon, the Tri-Rail commuter rail. The project is ideally situated adjacent to I-95, the multi-billion-dollar Miami World Center and the Downtown Miami office corridor.

The Southeast Overtown Park West district and the surrounding area is in the midst of revitalization. Marcus Samuelson’s popular Red Rooster continues to generate buzz. Blackstone Group recently acquired two office buildings at Brightline’s MiamiCentral station, marking one of the largest investment sales to close in South Florida this year, and is moving 250 employees into the neighborhood. Make-A-Wish Foundation is building a new nine-story, 35,000 SF office tower in Overtown designed by Arquitectonica, and The Underdeck, a planned 33-acre public park stretching from Overtown to Biscayne Bay underneath the new Signature Bridge is poised to add additional culture, art and beauty to the area.