52-Story Tower Pitched For Downtown Miami As Investor's First South Florida Project
Plans for a 52-story multifamily tower in Downtown Miami are moving ahead after the site’s owner secured a $12M bridge loan to advance the project.
The family office of investor Gil Blutrich secured the loan for the planned development on a 0.6-acre parking lot at 130 Southeast First St., according to a release. The Israeli-Canadian entrepreneur is planning a 545-unit multifamily project under review by the Miami Planning Department.
The loan will be used to refinance the existing mortgage and cover pre-development costs for Toronto-based Blutritch Holdings. It was arranged and announced by Concord Summit Capital. A spokesperson declined to provide Bisnow lender details.
Blutrich acquired the site in 2021 for $18M through an affiliate called Clear Communities Miami North LP. The seller was San Francisco-based FTP Investment Corp., according to city records. Blutrich took out a $10M mortgage on the property from Pacific National Bank around the same time.
The planned 694-foot-tall tower would be called Clear Residences, The Next Miami reported. It is being designed by Miami-based architect Kobi Karp and will include 4K SF of ground-floor retail and a 199-car garage on the second through sixth floors.
Construction is projected to start in the fourth quarter if the project wins approval, and the building is expected to take three years to complete, The Real Deal reported.
Blutrich is the founder of two publicly traded real estate investment companies, Israel-based Mishorim Real Estate Investments and Ontario-based Skyline Investments, which operates as a subsidiary of Mishorim. After leaving Skyline in 2018, he became the CEO of Clear Inc., a provider of air and water purification systems with smart monitoring technology.
Bluritch founded Blutrich Holdings in 2005, and the company owns several development sites across North America, according to the release.
The Clear Residences project would be the latest in a string of developments that are expected to bring around 2,000 new housing units to Downtown Miami.
Property Markets Group and E11even Partners this week secured a $262M construction loan to begin work on the second tower at E11even Hotel & Residences at 90 Northeast 11th St. The two towers were originally slated to have a total of 836 condos, but the developer announced that it had expanded the unit count to more than 1,000, with more than 80% of the units sold.
Miami-based PMG is partnering with Greybrook Realty Partners and Hilton to build the Waldorf Astoria Hotel & Residences, a 1,041-foot-tall tower that will have 360 private residences and a 205-room hotel. The property at 330 Biscayne Blvd. is marketed as the tallest residential building south of New York City and was 84% sold five months before construction began in October 2022, according to a report in Miami Today.
Construction has also resumed at the 391-unit Aston Martin Residences at 300 Biscayne Boulevard Way after a subcontractor’s bankruptcy caused a two-month delay on the project, according to the South Florida Business Journal. G&G Business Developments is partnering with the luxury carmaker on its first branded condo project and broke ground in 2017. It is 98% sold and slated for completion in the fourth quarter.
