The development site located at 501 S.W. Third Ave & 401 S.W. Third Ave in Miami is under contract for a total sale price of $350,000,000. The property includes an almost complete 54-story tower featuring 632 residential units, retail space, and a marina. Additionally, there are development rights for the construction of another 1,600 residential units and a river walk that links to Brickell. The asset was previously involved in a partnership with David Grutman’s Groot Hospitality for entertainment venues.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $350,000,000
• Buyer: Yakir Gabay
• Seller: Joseph Chetrit - Chetrit Group
• Date of Transaction: 06/27/2025
• Market: Miami

This transaction marks a significant acquisition by Yakir Gabay, a billionaire entrepreneur. The seller, Joseph Chetrit, represents the Chetrit Group in this deal. The development site enhances Gabay's portfolio with valuable residential and commercial opportunities in a growing market.