Billionaire Adam Neumann’s Flow, along with Canada Global and Yakir Gabay’s Yellowstone Trust, has taken a majority stake in the Miami River District megaproject previously led by the Chetrit Group. The project is located on a 6.2-acre site on the south bank of the Miami River, near Brickell and just east of I-95.
The Chetrit Group will retain a significant minority interest in the development, which is planned to eventually include up to 1,900 apartments and condos, 39,000 square feet of retail space, office space, a marina with 17 slips, and 770 parking spaces. In 2021, Madison Realty Capital provided a $310 million construction loan for the project.
Construction on the first phase is nearing completion. This includes a 54-story luxury apartment tower with 632 units at 275 Southwest Sixth Street. At least two more towers are planned for future phases. David Grutman’s Groot Hospitality was previously tapped to handle food and beverage operations in the first tower.
According to a press release, Flow will manage the apartment tower and oversee further development as managing member of the new majority ownership group. “Flow’s involvement in the deal was first reported by The Promote.” The finalized agreement values the project at $525 million market capitalization and was arranged by Henry Bodek of Galaxy Capital.
Adam Neumann has been growing his Flow real estate business both in South Florida and internationally. Flow is currently developing several projects in South Florida including three towers in Aventura; an apartment and commercial complex in El Portal; a condo tower at Miami Worldcenter; as well as completed buildings in Miami and Fort Lauderdale.
Flow’s partnership with Canada Global covers over nine million square feet of mixed-use developments that include about 5,000 apartments. According to Calcalist, Flow acquired a 30 percent stake in Canada Global—an Israeli real estate investment company led by Assaf Tuchmair and Barak Rosen—for roughly $27 million.
The Chetrit family has worked on plans for this Miami River site for more than ten years. The city approved rezoning and a development agreement for it back in 2015.
Recently, Chetrit also partnered with Lotus International from Montreal on redeveloping Collins Park Hotel at 2000 Park Avenue in Miami Beach after securing an $88 million refinancing loan for that property.
Chetrit’s broader portfolio includes both the Chetrit Group and Chetrit Organization but has faced legal challenges recently. In New York City, Mayor Eric Adams’ administration claims that properties managed by Meyer and Joseph Chetrit have deteriorated following loan defaults.
