Partnership Forms to Sell 56-Acre Mixed-Use Project

MIAMI-The Midtown Group, which is developing Midtown Miami, a 56-acre mixed-use project set to break ground this September in the city, has partnered with Majestic Properties to form Midtown Group Realty LLC to handle sales for the new “city within a city.”The sales team may work on future projects as well, says Deborah Samuel, a partner with Midtown Group Realty and an owner’s representative with the Midtown Group. But for now, the seven buildings containing 3,000 residential units and one million sf of retail space is enough to focus on, Samuel says. “For right now, we have a lot on our plate. Surely, we have such a great relationship with them,” so it may lead to the partnership working on other projects, she says.The magnitude of the project led to the partnership, according to Samuel. “Because it’s such a large project, that’s why we joined forces,” Samuel says. “This is not just one building; it’s a whole city. I think that’s why there was a need for that partnership. I think it’s important for the developer to have an owner’s rep involved in the marketing,” sales and other aspects of the project. She says given the size of the project, they thought it would be beneficial to have the developer and the broker present.So far, sales are strong. The first building of Midtown Miami–consisting of 338 units and ground-floor retail space and known as Two Midtown Boulevard–sold out in one day. Midtown Group Realty plans to launch sales of the second phase–Four Midtown Boulevard–in October. Most of the prices range from $200,000 to $800,000, with some units and penthouses from $1 to $2 million.Midtown Miami is scheduled to break ground in September; it’s a seven- to 10-year project, Samuel says. Midtown Miami is being developed on the property bordered by Northeast 1st Avenue to the west, Northeast Second Avenue to the east, Northeast 29th Street to the south and Northeast 36th Street to the north.Samuel and Majestic Properties’ Jeff Morr and Fabien Tremoulet are Midtown Group Realty’s principals. Midtown Group Realty has five sales associates, led by Nir Perets, and operates out of the 16,000-sf sales and design center, located at 3110 N.E. 2nd Ave. in Miami. Developers of the Midtown Group, formerly known as Casam Development, include the Cayres, Daniel Pfeffer and Michael Samuel.