Agent Chris Deitz of Fite Shavell assembled properties sold for nearly $100M.
By Darrell Hofheinz/Daily News Real Estate Writer Homes for Sale by Chris Deitz
Chris Deitz of Fite Shavell & Associates
Agent Chris Deitz of Fite Shavell & Associates says the Great Recession helped him spearhead last month’s $97.5 million sale of more than 6½ acres in the Brickell neighborhood just east of I-95 in downtown Miami.
The new owners’ propose is to develop Miami Riverwalk, a mega-complex with four towers that, if built, will include residential units, a hotel, retail space and a marina on 700 feet along the Miami River.
The sale involved eight adjacent properties with 20 addresses, bought by investor brothers Joe and Meyer Chetrit of CG Florida Properties— an affiliate of powerhouse New York developer Chetrit Group — in partnership with Miami developer Ari Pearl.
The Miami Riverwalk development is proposed for a site along 700 feet of the Miami River. Rendering courtesy of Chetrit Group.
Deitz credits the recent economic downturn, in part, for sparking the deal. When real estate sales slowed in Palm Beach two years ago, he said he cast his eye to Miami, where he had done other deals.
“In early 2012, the real estate on the island was still slow, and I heard that Miami was starting to take off again,” Deitz said. “I went down and started to scout areas where I could assemble property in close proximity of other upcoming developments. I proceeded to call over the next few months and secured a continuous assemblage of property.”
The site is bordered by the river, Southwest Seventh Street, and Southwest Second and Third avenues. With a mix of businesses and houses, the properties were owned by eight different entities. Only two of the properties were listed for sale.
A rendering shows the Miami Riverwalk development proposed for land in downtown Miami that sold last month in a $97.5 million deal involving by Fite Shavell & Associates agent Chris Deitz. Rendering courtesy of Chetrit Group.
Once the sellers were on board, Deitz partnered with broker Brian Webster of Webster’s International Realty in Palm Beach Gardens to find a buyer.
“As soon as Chris brought this deal to me, I knew it was a winner and had the makings of a $1 billion project,” Webster said in a statement released after the sale closed.
The deal came together quickly, Deitz said.
“We had all of the properties under contract within a week. It went very fast and it needed to, because if any other buyers caught wind of this, it would be gone within days,” he said.
The project is still in the early presentation stages. But, if it wins city approval, it’s expected to be developed in phases.
Deitz said he and Webster are working on another development and two more assemblages of property in downtown Miami and Miami Beach’s South Beach.
In Palm Beach, meanwhile, Deitz last month listed a quartet of still-to-be-built townhouses at 215 Brazilian Ave. — two at $6.25 million and the others at $6.75 million – for the project’s developers. Broker Steve Hall of Hall Real Estate was on the seller’s side when the deal for the land closed in May at $6 million.
View entire article on the Palm Beach Daily News website.