MIAMI-The Midtown Group, which is developing Midtown Miami, a 56-acre mixed-use project set to break ground this September in the city, has partnered with Majestic Properties to form Midtown Group Realty LLC to handle sales for the new “city within a city.”The sales team may work on future projects as well, says Deborah Samuel, a partner with Midtown Group Realty and an owner’s representative with the Midtown Group. But for now, the seven buildings containing 3,000 residential units and one million sf of retail space is enough to focus on, Samuel says. “For right now, we have a lot on our plate. Surely, we have such a great relationship with them,” so it may lead to the partnership working on other projects, she says.The magnitude of the project led to the partnership, according to Samuel. “Because it’s such a large project, that’s why we joined forces,” Samuel says. “This is not just one building; it’s a whole city. I think that’s why there was a need for that partnership. I think it’s important for the developer to have an owner’s rep involved in the marketing,” sales and other aspects of the project. She says given the size of the project, they thought it would be beneficial to have the developer and the broker present.So far, sales are strong. The first building of Midtown Miami–consisting of 338 units and ground-floor retail space and known as Two Midtown Boulevard–sold out in one day. Midtown Group Realty plans to launch sales of the second phase–Four Midtown Boulevard–in October. Most of the prices range from $200,000 to $800,000, with some units and penthouses from $1 to $2 million.Midtown Miami is scheduled to break ground in September; it’s a seven- to 10-year project, Samuel says. Midtown Miami is being developed on the property bordered by Northeast 1st Avenue to the west, Northeast Second Avenue to the east, Northeast 29th Street to the south and Northeast 36th Street to the north.Samuel and Majestic Properties’ Jeff Morr and Fabien Tremoulet are Midtown Group Realty’s principals. Midtown Group Realty has five sales associates, led by Nir Perets, and operates out of the 16,000-sf sales and design center, located at 3110 N.E. 2nd Ave. in Miami. Developers of the Midtown Group, formerly known as Casam Development, include the Cayres, Daniel Pfeffer and Michael Samuel.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.