MIAMI—New York City-based joint venture JMHDevelopment and PSB Capital report theclosure of the $5.65-million acquisition of development land at2901-2911 Indian Creek Drive in South Beach herein Miami.

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The joint venture partners plan to transform the existing vacantstructures at the property in the Indian Creek neighborhood ofSouth Beach into an upscale boutique condominium with what theyterm will be an exclusive collection of amenities and services.

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“This property has tremendous value in terms of its primelocation, especially in South Beach where inventory is extremelylow,” says Jason Halpern, founder of JMHDevelopment. “JMH Development has a strong track record oftransforming spaces and neighborhoods and we look forward to thisnew venture.”

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Titan Capital provided financing for the acquisition and Miami'sAckman-Ziff represented the joint venture as the buyer. In March ofthis year JMH Development and PSB Capital announced its$13.6-million acquisition of properties at 302, 310, 320 and 336Collins Ave. JMH is also currently building the Aloft Hotel inSouth Beach.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.