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Real Estate

The Estate  Cos is expanding its multifamily buying area 55 restaurant.

Cashflow In Miami
October 25, 2022
The Estate  Cos is expanding its multifamily buying area 55 restaurant.
16375 Biscayne Blvd, North Miami Beach
$21.3 million was the  purchase of a restaurant building.

Biscayne Park Development LLC, managed by Albert Benalloun, sold the 2.16-acre site at 16375 Biscayne Blvd. to Nomi South Holdings LLC, managed by Roberto J. Suris of Miami-based the Estate Cos. U.S. Bank granted a $13.8 million mortgage to the buyer.

The site currently has a 9,255-square-foot restaurant building occupied by Area Code 55 Brazilian Steakhouse. It was built in 2000.

It last traded for $13 million in 2016, so the property gained in value as higher rents have made North Miami Beach a more attractive place to build apartments.

In May, the Estate Cos. obtained a construction loan to build 367 apartments Soleste NoMi  in 23 stories on the neighboring site at 16395 Biscayne Blvd. The site it recently acquired is directly south of the new building.Estate proposes a 28-story building with 363 units at 16375 Biscayne Boulevard.

The entire 4-acre property was once planned for a three-tower project that would have spanned over 1.5 million square feet, city records show. In 2015, another developer obtained approval for a 32-story Riverwalk North residential building on the site where Soleste NoMi is under construction. Estate got city approval to tweak these development entitlements in 2020.

For the firm to build Soleste on the Bay, it needs the city to tweak the seven-year-old site plan that had allowed for a Riverwalk South project with an 18-story hotel and a 30-story residential tower, the city records show.

If the city approves Soleste on the Bay, construction is expected to start in the fourth quarter. Completion is anticipated for the fourth quarter of 2024.

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