NY Developer Grabs Coveted Miami Beach Land

MIAMI–JMH Development just closed on the acquisition of 8995 Collins Avenue, a waterfront development site in Surfside. The sale price $46 million. Jeff Cohen of Avatar Realty Services represented the buyer in the negotiations.

JMH has big plans for the site. The New York-based developer will build a luxury boutique condominium building, similar to its Three Hundred Collins project in the South of Fifth neighborhood. That project is over 50% sold with a scheduled completion set for 2017.

"8995 Collins is one of the last remaining beachfront sites in Miami Beach and our first endeavor in Surfside," says Jason Halpern, founder and managing partner of JMH. "We have seen a void in smaller, truly high-end buildings in this market, and we are focused on developing more projects of this nature throughout Miami Beach. We were especially drawn to the privacy of the site, which shares a cul-de-sac with The Surf Club Four Seasons development next door."

8995 Collins Avenue is located in the heart of Surfside, one of Miami Beach's most elite oceanfront communities with access to beaches, public parks, hotels, dining and shopping destinations like Bal Harbour Shops. The site is also relatively close to Lincoln Road, Downtown and the Miami International Airport.

JMH also opened Aloft Hotel in South Beach in June, and are developing Arbor Miami Beach at 2901 Indian Creek Drive, a 14-unit condominium launching sales this winter.

But is the ultra high-end market slowing down. Is JMH's timing off? No, not according to Keith Marks, a newly minted director at Douglas Elliman, can see.

"Pre-construction sales are at an all time high with our South American clients and we are seeing a high turnover of inventory," Marks tells GlobeSt.com. "The form of turnover we are seeing is foreign investors selling properties held for more than several years and taking advantage of the rising dollar to increase their profit margin on investment when converted back to their own currency."