Chetrit Group, the New York-based real estate investment and development firm led by Joseph Chetrit, has purchased 6.2 acres of real estate with Miami developer Ari Pearl with plans to build a major mixed-use development called Miami Riverwalk. According to a Miami Herald article, Miami-Dade property records show that CG Miami River, led by Chetrit Group and Pearl, bought the Finnegan's River property at 401 S.W. Third Ave. for $11.5 million, from Ocean Drive Clevelander.
The development is planned for a three-block area bordered on the north by the river, on the south by Southwest Seventh Street, on the west by Southwest Third Avenue and on the east by Southwest Second Avenue. The Miami Riverwalk, to be designed by Miami architect Kobi Karp, will create a major mixed-use development along the Miami River to include four 60-story condo towers with a combined 1,749 units, plus a marina and hotel, retail space and offices. Plans are still not finalized and will be revised within the month. Renderings of the project can be viewed here.
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