Urban Network Capital Group (UNCG), in collaboration with Vertical Developments, has acquired a land parcel in the Edgewater neighborhood of Miami’s urban core at 3618 Northeast 5th Avenue. The transaction closed for $13.5 million, with the previous owner being Hotelex Midtown LLC, an affiliate of Hotelex Group. The 4,725-square-foot parcel is zoned T6-24a-O, permitting a structure of up to 24 stories. The partnership between UNCG and Vertical Developments plans to develop a condo-hotel tower on the property; details have not yet been disclosed. Alfonso Jaramillo from Fortune International Realty represented the buyers in the deal.
3618 Northeast 5th Avenue. Photo from Google Maps.
3618 Northeast 5th Avenue seen from exit 2B off the I-195. Photo from Google Maps.
Led by real estate veteran Robert Thorne, UNCG has successfully executed over $2 billion in transactions and has developed more than 70 properties in the single-family and multifamily market. The firm is bullish on Florida’s thriving economy with the successful Visions Resort brand underway in Orlando and Miami. The Visions portfolio currently features a $325 million master-planned, mixed-use community that will introduce 48 single-family rental homes, 232 townhomes, two condo-hotels adding up to 350 units, and 70,000-square-foot retail space in a luxury setting in Orlando, and a 111-unit condo hotel project in Brickell.
“Edgewater has rapidly emerged as one of the most desirable neighborhoods in Miami, and we are very pleased to add this asset to our growing portfolio,” said Robert Thorne, CEO and founder of UNCG. “There is strong demand for condo-hotels in Florida and this location, with proximity to the beach and Miami’s urban centers, will have great appeal for future owners and visitors alike.”
“We saw a great opportunity to acquire this parcel for a future condo-hotel due to its fantastic views, convenient access to the city’s major hubs, excellent connectivity via I-95 & I-195, and proximity to Miami Beach,” said Fernando de Nuñez y Lugones, CEO and partner of Vertical Developments. “UNCG has been very actively expanding its portfolio of hospitality-oriented properties, and we look forward to continuing our successful partnership with them to bring unique product to the marketplace. We are in negotiations with a world-renowned brand to join this project.”
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So this land is worth $13.5 million, but Mar-a-logo is only valued at $18 million (by a NYC judge). Donny might be right on this one!