Related Group Pays Over $100M For Last Condo Site On Exclusive Fisher Island
The last condominium development site on tony Fisher Island has sold to a group led by billionaire Miami developer Jorge Perez's Related Group.
Related Group, with partners Teddy Sagi, BH Group and Wanxiang America RE Group, closed on a deal to pay more than $100M to acquire 6 Fisher Island Drive, Bloomberg reports. They plan to develop roughly 50 units that would sell for between $30M and $60M for a penthouse unit.
“This is the last opportunity for someone to buy a new development, pre-construction in Fisher Island,” Related Group President Jon Paul Perez told Bloomberg. “To be able to develop on Fisher Island is really a once-in-a-lifetime opportunity.”
The island, part of the city of Miami Beach, spans 216 acres and is only accessible by ferry or boat. It is one of the richest ZIP codes in the U.S. and houses regularly sell for eight figures.
Developer Heinrich Von Hanau sold the 6-acre site, which is zoned for up to 10 stories. Related secured an $85M loan from Madison Realty Capital for the acquisition, The Real Deal reported. Sales on the project are expected to launch later this year, by invitation only.
The uber-luxury building, set to be designed by Kobi Karp Architects and interior designer Tara Bernerd, will include as amenities two pools, a spa, a pickleball court, a restaurant, lounges and workout rooms.
Related Group is one of the most prolific development firms in South Florida, with luxury condo projects in Miami, Palm Beach and elsewhere. Jorge and Jon Paul Perez spoke about the rise of South Florida together on a Bisnow podcast late last year.
