Trending
Grupo Frali buys Edgewater dev site to complete full block assemblage
Argentine firm now owns six contiguous lots fronting Biscayne Boulevard, adjacent to planned mixed-use project by Crescent Heights
Grupo Frali purchased a development site in Miami’s Edgewater to complete a full block assemblage, but the firm doesn’t have any immediate plans for a project.
An affiliate of Grupo Frali, a private investment firm based in Buenos Aires, Argentina, acquired a 20,240 square-foot vacant lot at 3047 Biscayne Boulevard, a press release states. With its purchase, Grupo Fali now owns the entire block between Northeast 30th and 31st streets and between Biscayne Boulevard and Northeast Fourth Avenue, records show.
The buyer paid $12.4 million for 3047 Biscayne Boulevard, the release states. Francisco Rodriguez and Ovy Anghel with Miami-based Apex Capital Realty Commercial Advisors brokered the deal.
Grupo Frali is “not building anything for the time being,” Rodriguez said via text. Grupo Frali General Director Sebastián Lanusse did not immediately respond to an email requesting comment.
The seller, an affiliate of Chattanooga, Tennessee-based 3H Group, paid $7 million for the development site in 2018, records show. The same year, the previous owner that sold the property to 3H obtained final city of Miami approval for a 13-story hotel with 137 rooms, a pool, tiki lounge, indoor lounge and roughly 17,000 square feet of commercial space.
Records show 3H demolished an existing single-tenant restaurant building on the property in 2019, but did not move forward with the planned mixed-use project.
About the same time, Grupo Frali was assembling parcels adjacent to and near 3047 Biscayne Boulevard. Between 2018 and 2019, the firm paid a combined $15.2 million for five other lots at 3030 Northeast Fourth Avenue, 325 and 331 Northeast 30th Street and 3001 and 3023 Biscayne Boulevard, records show.
The 1.3-acre assemblage, including 3047 Biscayne Boulevard, is one block north of Nema Miami, a mixed-use project that is under construction. It is planned to have 588 apartments and a retail component anchored by a Whole Foods grocery store. Miami-based Crescent Heights, the Nema-branded project’s developer, also owns another development site at Northeast 30th Street and Biscayne Boulevard, across the street from the Grupo Frali assemblage.