search

The Real Deal Logo

Trending

Shekhter’s WS Communities loses half its portfolio to lenders after $1.1B in defaultsShekhter’s WS Communities loses half its portfolio to lenders after $1.1B in defaultsBrookfield forecloses on 2,150-unit Veritas portfolio with uncontested $464M bidBrookfield forecloses on 2,150-unit Veritas portfolio with uncontested $464M bidSteve Wynn lowers the price of Beverly Hills estate to $75MSteve Wynn lowers the price of Beverly Hills estate to $75MRXR’s play for Texas starts in Dallas RXR’s play for Texas starts in Dallas 
Development
South Florida

Developers propose 160-unit residential project in Edgewater 

Called Edgewater 22, the 20-story building would include ground-floor retail

Miami Board to Vote on 160-Unit Resi Project in Edgewater
Heritage Equity Partners’ Michael Lichtenstein; rendering of proposed 160-unit residential project in Edgewater (Heritage Equity Partners, Getty, Zyscovich Architects)

Developers want to build a 160-unit residential project on the site of a Midas auto repair shop in Miami’s Edgewater, marking continued investment appetite for the booming neighborhood. 

The Miami Urban Development Review Board will consider a proposal for a 20-story building with ground-floor retail at 2140 Northeast Second Avenue at the board’s Wednesday meeting. Designed by Zyscovich Architects, the project is called Edgewood 22. 

Records submitted to the city don’t specify whether the units will be apartments or condos. 

The proposal is proceeding through the approval process after a switch in the development team. 

The project was previously planned to be Brooklyn-based Heritage Equity Partners’ debut in Miami. In February of last year, Heritage scooped up the half-acre site for $6.3 million. At the time, Heritage’s Michael Lichtenstein and Toby Moskovits revealed plans to The Real Deal for an 18-story, 120-unit rental project. 

Heritage has a history of financial woes and foreclosure litigation in New York. In one case, the firm lost the 147-key The Williamsburg Hotel in a bankruptcy auction in April. London-based Quadrum Global bought the property for $96 million, ending years of litigation. 

In Miami, Heritage has completely exited the Edgewater site and project, keeping no equity stake, Lichtenstein told TRD, though the firm wants to pursue other developments in the city. 

Records show that in December, an entity registered to Moskovitz and Yechial Lichtenstein sold the lot for $4.8 million to Edgewood 22 LLC. The buyer also paid $2.5 million for the adjacent lots spanning 0.2 acres at 162 Northeast 22nd Street. 

The new Edgewood 22 development team consists of Miriam Gross and Simon Lichtenstein, Michael Lichtenstein told TRD. 

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Yet, public records show others may be involved as well. Gross signed off on behalf of the seller that sold the site to Edgewood 22, as well as on behalf of Edgewood 22 when it took out a $6.8 million mortgage in December from New Wave Loans, according to deed and loan records. In state corporate filings, the Edgewood 22 entity also is registered to Nahman Lichtenstein, Michael Lichtenstein’s father. 

While Michael and Simon Lichtenstein share familial ties, “there is no business relation,” Michael said. 

“It’s two different companies. Two different operations,” he said. 

Gross formerly worked for Heritage, but hasn’t been with the company for years, according to Michael Lichtenstein. 

Gross didn’t immediately respond to a request for comment. 

The Edgewood 22 proposal comes as developers have targeted Edgewater with new projects. 

This summer, New York-based SB Development and Hazelton Capital Group launched sales of condos at their planned 40-story, 116-unit tower at 456, 480 and 496 Northeast 29th Street. 

Also, LCOR wants to build a 42-story, 544-unit apartment tower at 1775 Biscayne Boulevard. The site is on the border of Edgewater and the Arts & Entertainment District. 

Read more

Tags
EdgewaterHeritage Equity PartnersMiamiMultifamilyRetailSouth Florida Multifamily MarketToby Moskovits