MIAMI—New York City-based joint venture JMH Development and PSB Capital report the closure of the $5.65-million acquisition of development land at 2901-2911 Indian Creek Drive in South Beach here in Miami.
The joint venture partners plan to transform the existing vacant structures at the property in the Indian Creek neighborhood of South Beach into an upscale boutique condominium with what they term will be an exclusive collection of amenities and services.
“This property has tremendous value in terms of its prime location, especially in South Beach where inventory is extremely low,” says Jason Halpern, founder of JMH Development. “JMH Development has a strong track record of transforming spaces and neighborhoods and we look forward to this new venture.”
Titan Capital provided financing for the acquisition and Miami's Ackman-Ziff represented the joint venture as the buyer. In March of this year JMH Development and PSB Capital announced its $13.6-million acquisition of properties at 302, 310, 320 and 336 Collins Ave. JMH is also currently building the Aloft Hotel in South Beach.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
