Kolter and DaGrosa Buy Property Near Miami Design District for $34M
By Julia Echikson March 29, 2024 2:00 pm
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Kolter Group and DaGrosa Capital Partners purchased a development site near the Miami Design District for $33.6 million, property records show.
The 1.4-acre site, located at 3801 Biscayne Boulevard and 455 NE 38th Street, sits just east of the Miami Design District, an open-air luxury shopping neighborhood. An entity called Lender MD provided an $11 million acquisition mortgage.
The sellers, a venture led by Miami Beach-based Bloomberg Equities, had assembled the land — which holds a three-story commercial building and a two-story residential building — for just over $4 million in 2003 and 2013, according to property records. Bloomberg Equities could not be reached for comment.
Back in 2015, the sellers had filed plans to build a 136-unit residential development with 40,000 square feet of commercial space, according to the South Florida Business Journal.
The new owners appear to be heading along a similar track, having titled one of the entities linked to the acquisition as “Biscayne Residences Holdings.”
Kolter, a Delray Beach-based developer, appears to be the leading partner in the project, with 51 percent ownership, according to mortgage documents. DaGrosa Capital, a Coral Gables-based investment firm which counts Miami Mayor Francis Suarez as a partner. Representatives for Kolter did not immediately provide comment.
The Miami Design District is set to undergo a major expansion.
In 2022, the owners of the 18-block property, a venture led by Craig Robins’ Dacra, and a slew of partners purchased 15 retail buildings along Northeast 39th Street for $165 million. The venture has since tapped David Chipperfield, who won the Pritzker Architecture Prize in 2023, to redesign the assemblage that will likely include more retail, a hotel, and condos.
Last year, Dacra proposed a 20-story rental building. Just this week, the Design District owners also purchased a retail building within the development for $18 million.
Elsewhere in South Florida, Kolter is building an oceanfront luxury condo complex in Fort Lauderdale after securing a $240 million construction loan in 2022. Earlier this year, it purchased a 149-acre site for $74 million at the Avenir master development, where it will build single-family homes.
Julia Echikson can be reached at jechikson@commercialobserver.com.
