Billionaire Adam Neumann’s Flow, together with Canada Global and Yakir Gabay’s Yellowstone Trust, has taken a majority stake in the Miami River District megaproject previously led by the Chetrit Group. The New York-based Chetrit Group will continue as a significant minority partner in the 6.2-acre development, which is located on the south bank of the Miami River near Brickell and just east of I-95.
The Miami River District project is planned to include up to 1,900 residential units, 39,000 square feet of retail space, offices, a marina with 17 slips, and parking for 770 vehicles. Madison Realty Capital provided a $310 million construction loan for the development in 2021. The first phase—comprising a 54-story luxury apartment tower with 632 units at 275 Southwest Sixth Street—is nearing completion. At least two more towers are planned for the site. In addition, David Grutman’s Groot Hospitality will handle food and beverage programming in the first tower.
According to a press release, “Flow will manage the apartment tower and lead development of the rest of the project as managing member of the majority ownership.” The deal values the project at $525 million market capitalization and was arranged by Henry Bodek of Galaxy Capital.
Neumann has been expanding Flow’s presence in South Florida and internationally. Flow is developing several projects in South Florida: a three-tower mixed-use complex in Aventura; an apartment and commercial property in El Portal; a branded condo tower at Miami Worldcenter with 466 units; and completed buildings in both Miami and Fort Lauderdale.
Flow is also partnering with Canada Global on over nine million square feet of mixed-use projects that include approximately 5,000 apartments. Flow acquired a 30 percent stake in Canada Global—an Israeli real estate investment firm led by Assaf Tuchmair and Barak Rosen—for about $27 million.
The Chetrit family has been working on this Miami River project for more than ten years. The city commission approved major rezoning and a development agreement for it back in 2015. Last year, Chetrit partnered with Lotus International from Montreal on redeveloping Collins Park Hotel at 2000 Park Avenue in Miami Beach after securing an $88 million refinancing for that property.
The Chetrit family controls both Chetrit Group and Chetrit Organization but has recently faced legal disputes. In New York City, Mayor Eric Adams’ administration claims that Chetrit Group allowed a Times Square hotel property to deteriorate after defaulting on its $233 million loan.
