New York-Miami Team Plans Pair of Miami Residential Towers

A team that consists of New York developer Shahab Karmely of KAR Properties and Miami developer Edgardo Defortuna of Fortune International Group plans to develop two connected riverfront towers designed by Rafael Viñoly at 24 Southwest 4^th Street in downtown Miami, Florida YIMBY reports. The developers purchased the property for US$58.85 million as One River Point Partners, LLC and hope to soon bring approximately 300 residences to the site, which is “just steps from” the Brickell Financial District, shopping, entertainment and transportation. It is also within minutes of Miami Beach, the Port of Miami, airports and museums. Observing he and Defortuna have shepherded other successful high-rise projects in Miami, such as Reach and Rise at Brickell City Centre and 2000 Ocean, Karmely said the Miami riverfront has “the same potential as London’s River Thames, Paris’ Seine or Tokyo’s Sumida River, where residents enjoy the best of waterfront cosmopolitan living.” Units could hit the market as early as 2023.