Oak Row and Lndmrk Buy Edgewater Site for Luxury Rental

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Oak Row Equities and Lndmrk Development, prominent Miami-based developers, are teaming up in Edgewater to build a luxury rental property.

The joint venture paid $22.5 million for a 1.5-acre site at 401 NE 29th Terrace, just east of Biscayne Bay, the firms announced. 

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“This is one of the last remaining continuous parcels in Edgewater East capable of accommodating condo-style living with luxury amenities and bay views within a multifamily framework,” Alex Karakhanian, principal of Lndmrk Development, said in a statement. 

The development, designed by Arquitectonica, will also include ground-floor retail. The site is zoned for 36 stories. 

The seller — which in 2019 paid $17.4 million for the parcel — is DLC Capital Management, the family office of controversial couple David and Leila Centner, public records show. 

The Centners co-founded the Centner Academy, a charter school near the Design District. Last year, it made national headlines when school officials instructed teachers vaccinated against COVID-19 to stay away from students and asked parents to keep their kids home for 30 days after receiving the shot.

The school backtracked on the latter policy after the Florida Department of Education warned that the private school could lose state funding. A representative for DLC Capital Management did not immediately respond to a request for comment.

For the Edgewater project, Oak Row and Lndmrk has yet to secure financing to fund the construction, which will likely begin next year, said a spokesman for the joint venture. Stefano Santoro of Disruptive Real Estate represented Lndmrk, while Keiti Silva of RE/MAX 360 Real Estate represented the seller.

The development marks the JV’s second project together. Down the road at 2600 Biscayne Boulevard, Oak Row, formerly known as Carpe Real Estate Partners, is developing a mixed-use project where Karakhanian is also a partner.

Oak Row, led by David Weitz and Erik Rutter, is developing a sprawling mixed-use project in Wynwood, in partnership with L&L Holding Company and opened the popular Oasis venue, where Spotify is a tenant, last year.

Also in Wynwood, Lndmrk Development is selling the Cube Wynwd office building for about $60 million. 

Julia Echikson can be reached at jechikson@commercialobserver.com