NYC Developer Bets on ‘Permanent’ Boom in Miami Real Estate
Chetrit Group is forging ahead with a plan to start condo sales next year at its $1 billion-plus development in the South Florida city.
A New York-based developer, known for luxury apartment complexes and formerly owning the Hotel Chelsea, is betting on Miami’s recent boom.
Chetrit Group is expanding its Miami presence as the company seeks to start sales next year at a 378-unit condominium tower, one part of its massive development called the River District. The company, which expects to finish the building in 2026, gained approval for its first master-planned project in South Florida about seven years ago, but decided to hold off initially as it assessed demand in the market.
Now, it’s putting the plans into high gear, according to Michael Chetrit, who helps run his family’s real estate company.