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Urban Network Capital Group (UNCG) and Vertical Developments paid $13.5 million for a development parcel in Miami’s Edgewater neighborhood, the joint venture announced.
The site is just short of half an acre at 3618 NE Fifth Avenue, nestled between 36th Street and Interstate 195, the highway that leads to Miami Beach.
The seller, Hotelex Group, assembled the site between 2015 and 2018, paying $6.6 million in total for several parcels, according to property records. The Miami-based investment firm, which owns Marriott hotels near Miami International Airport and in Brickell, had planned to build a 133-room hotel with 10,000 square feet of retail space.
The land is now home to four single-family homes. The buyers plan to develop a condo-hotel tower, but declined to provide additional details through a spokesperson. Alfonso Jaramillo of Fortune International Realty represented the joint venture, which did not secure financing.
“Edgewater has rapidly emerged as one of the most desirable neighborhoods in Miami,” Robert Thorne, CEO and founder of UNCG, said in a statement. “There is strong demand for condo-hotels in Florida and this location, with proximity to the beach and Miami’s urban centers.”
Miami-based UNCG has primarily developed single-family homes, townhomes and condo-hotels in Florida, such as the Grand Palazzo in Coconut Grove. Vertical Developments is a joint venture between Location3 Investments and Peru-based V&V Group.
The planned project marks the latest high-rise, upscale developments for Edgewater. Oko Group and Cain International are completing the Missoni-branded 57-story condo building and will likely launch a second tower nearby. David Martin’s Terra is developing a Major Food Group-branded condo tower.
A representative for Hotelex did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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