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The Chetrit Group's long-dormant plans to develop The River District, a $1B mixed-use project along the Miami River, have been revived.
The New York development giant has begun construction on the 4M SF, four-tower project with 1,600 residential units, new office space, 30K SF of entertainment and retail space, a boat marina with space to house 60-foot vessels, and 2,000 parking spaces, Chetrit announced Wednesday.
Chetrit is partnering with hospitality icon David Grutman whose team, Groot Hospitality, will oversee the food and beverage operations in the project. The River District is Chetrit's first master-planned development in Miami, and it is being designed by Kobi Karp Architects with interiors by The Rockwell Group.
The first building, a 54-story rental tower dubbed Market at The River District, has already begun construction, according to Chetrit, while a 378-unit, 52-story condo tower is expected to start construction next year and deliver in 2026.
Chetrit paid $91M in 2014 to amass the site at 501 Southwest Third Ave. in Downtown Miami and locked in approval for the large scale project in 2015, The Real Deal reported.
By 2019, Chetrit had bought out its previous partner on the development, Michael Stern’s JDS Development Group, and secured a $55M loan. Last year, Chetrit landed a $310M financing package from Madison Realty Capital for the first two phases of the project, and later took in $15M from Michael Dell’s MSD Partners.
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