Adam Neumann and Yakir Gabay Buy Into Chetrit’s $525M Miami River Dev
The 632-unit tower is nearly complete
By Julia Echikson August 12, 2025 1:55 pm
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Adam Neumann‘s Flow, Canada Global and Israeli billionaire Yakir Gabay’s Yellowstone Trust have purchased stakes in Chetrit Group’s big residential tower development facing the Miami River.
The deal values the 6.2-acre development, now called Flow on the River, at $525 million, according to representatives for Flow. Canada Global and Yellowstone Trust each own about 23 percent of the property. Flow owns 14 percent, with Joseph Chetrit’s Chetrit Group retaining a 40 percent stake, The Jerusalem Post reported.
More than a decade after securing the first approvals, Chetrit Group is nearing completion of the 54-story tower with 632 residential units and 770 parking spots at 275 Southwest 6th Street, just east of the I-95, facing the Miami River.
Last year, lender Madison Realty Capital raised its financing on the project to $340 million. The development is zoned for an additional 1,300 residential units, office, hotel and commercial spaces totaling over 2.5 million square feet.
Since leaving WeWork in notorious fashion in 2019 and founding a16z-backed Flow, Neumann has partnered with Israel-based Canada Global in South Florida, with a development pipeline that spans 9 million square feet and includes about 5,000 apartments.
The joint venture secured approval to convert an office complex in Aventura, Fla., into a mixed-use development that will house 674 apartments, 250,000 square feet of office and 39,000 square feet of retail after buying the property for $116 million last year.
This year, the pair paid $71 million for a 16-acre development site in Miami’s El Portal neighborhood, which is zoned for 2,380 apartments. Separately, Flow also operates more than 1,000 rental units in South Florida, and will deliver a 466-unit condominium project known as Flow House Miami later this year.
Chetrit Group and Yellowstone Trust could not be reached for comment, while representatives for Canada Global did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
