Neumann’s Flow & Partners Become Majority Stakeholders of Chetrit's $525M Miami River Megaproject

Key Points

• $525 million valuation for “Flow on the River”—a massive, mixed-use destination.
• The 4 million SF site is zoned for up to 1,900 units, 39,000 sf retail, offices, 17-boat-slip marina, and 770 parking spots.
• Chetrit stays on as a “significant” minority player; Flow leads development and operations, while Canada Global and Yellow Stone Trust round out the owners.

A major shift in Miami's commercial real estate landscape has been unveiled: Adam Neumann's Flow, alongside Canada Global and Yakir Gabay’s Yellowstone Trust, has stepped in as the majority ownership team behind what’s now dubbed Flow on the River—a transformative 6.2‑acre development along the Miami River. The project includes an under‑construction tower nearing completion and signals a strategic pivot in Miami’s waterfront development. 

Wind-Down of Phase One & Emergence of “Flow on the River”

Flow takes the reins

• The project, originally the Chetrit‑led Miami River District, now sees Flow, Canada Global, and Yellowstone Trust as majority owners, with Chetrit retaining meaningful minority participation.

• With a valuation set at $525 million, the development has been rebranded as Flow on the Miami River.

A mega-scale, mixed-use vision

• Plans encompass up to 4 million square feet, featuring 1,900 apartments/condos, nearly 40,000 sf of retail, substantial office space, a 17-slip marina, and 770 parking spaces.

• Phase one— a 54‑story, 632-unit luxury rental tower at 275 SW 6 St.—is almost complete. Additional towers are planned on the remaining parcels.

• Formerly, Madison Realty Capital backed the project with a $310 million construction loan in 2021; Groot Hospitality (David Grutman) was tapped a few years ago to manage F&B in the opening tower.

Flow’s Expanding Footprint & Backing

Ramped-up development lineup

• Flow is also active in Aventura (three-tower mixed-use), El Portal (large-scale site), Miami Worldcenter (466-unit condo project), and existing Flow Miami and Flow Fort Lauderdale residential buildings.

Investor momentum continues

• The company launched in 2022 with a $350 million investment led by Andreessen Horowitz—marking Flow as a residential real estate unicorn from day one.

• Since then, Flow has raised over $100 million, pushing its valuation to around $2.5 billion in early 2025.

Why This Matters to Investors & Brokers

• The project elevates Flow from landlord to master planner—and Chetrit aligns with the rising brand rather than leading the charge alone.

• Location is everything: this waterfront project sits just east of I‑95 near Brickell, one of South Florida’s most sought-after commercial corridors.

• Its size, mixed-use density, marina component, and branded management make it one of Miami’s most compelling investment narratives in recent years.

With “Flow on the River,” Adam Neumann’s Flow morphs into a full-scale developer, reshaping premium waterfront real estate in Miami. Chetrit stays meaningfully involved—while Flow orchestrates the vision.