Has received approval from authorities to increase its residential rental project in Miami, Brickell Gateway, from 364 units to 504 units. The significant increase in the number of housing units will allow Gazit to build a more efficient building
Gazit Globe A global real estate company engaged in the acquisition, improvement, development and management of income-producing real estate for mixed uses including commercial, office and residential areas in densely populated urban areas announces today that Gazit Horizons, a wholly owned subsidiary, has received approval from the authorities to increase the residential project For rent in Miami, Brickell Gateway, from 364 units to 504 units. The significant increase in the number of housing units will allow Gazit to build a more efficient building in Miami’s business and financial center that enjoys rapid growth and strong demand for housing, offices and commerce.
The company also announced today that it has purchased a commercial property of approximately 840 square meters for the project for $ 20.1 million, which is now fully leased to five tenants, on a land area of approximately 1.3 dunams and is expected to produce additional flexibility for the Brickell Gateway project during development and rental. The new property is Gazit Globe’s third acquisition in the Brickle area, following the successful June 2021 acquisition of the Maizon apartment building that includes 262 fully leased housing units, located two blocks south of the development project.
Jeff Mualem, CEO of Gazit Horizons: “Increasing the rights we received this week is a significant step in realizing our strategy in the Brickle area. We are big believers in this area, known as Florida’s ‘Mini Manhattan,’ and the high demand in the area over the past year has shown that our thesis is correct. “In addition to our existing property in the area, it increases the value of our properties and further enhances our expectations of the Brickell Gateway project. We intend to continue to expand our operations in Brickell, as well as in other cities in Florida, New York and Boston.”