Bayrock Group Increases Stake in Midtown Miami Mixed-Use Development
27 July 2007 - 11:30PM
PR Newswire (US)
NEW YORK and MIAMI, July 27 /PRNewswire-FirstCall/ -- Bayrock Group
has increased its stake in Midtown Miami, the four million square
foot mixed-use project under development in the city of Miami, the
firm announced. Bayrock purchased the partnership interest in the
project of Samuel Development, the firm said. The purchase price
was not disclosed. Midtown Miami now is being developed by a joint
venture of Bayrock and Midtown Equities, headed by principal Joe
Cayre. Midtown Miami will create a vibrant metropolis offering
complete amenities and a colorful urban lifestyle in the heart of
Miami. The project spans 56 acres in the Buena Vista area, bounded
by NE 29th Street and NE 36th Street. Midtown Miami is located
adjacent to downtown and Miami's famed arts and design district,
just across town from the beach and near major highways. When
completed, Midtown Miami will offer approximately 3,000 residential
units in nine buildings, 1.2 million square feet of retail space
and 400,000 square feet of commercial space. Midtown Miami
residents will enjoy a lively new neighborhood, strolling city
sidewalks lined with shops, restaurants, residential buildings, a
hotel, town square, boutiques, newsstands and green spaces. Pocket
parks will dot the landscape, providing shady, inviting spaces to
linger. "We felt the timing was appropriate to increase our
interest in this exciting project that will transform Miami," said
Julius Schwarz, Bayrock executive vice president. "With residences,
stores and other amenities, Midtown Miami will be its own city
within a city." As part of Midtown Miami, Developers Diversified
Retail Corp. (NYSE:DDR), an owner and manager of shopping centers,
has developed a 660,000-square-foot retail mall on the western end
of the project. The center is leased with major chain stores
including Target, PetSmart and Circuit City. Bayrock Group LLC
Bayrock Group LLC, http://www.bayrockgroup.com/, is an
international real estate investment and development company,
specializing in luxury residential, commercial, resort, hotel, and
mixed-use projects. In the United States, Bayrock is currently
developing projects in New York, Florida and Arizona. Through its
affiliate Rixos, Bayrock also owns and manages six luxury resorts
on the Mediterranean Sea and throughout Europe. Contact: Michelle
Manoff Julius Schwarz Rubenstein PR Bayrock Group LLC 212-843-8051
212-2076650 DATASOURCE: Bayrock Group LLC CONTACT: Michelle Manoff
of Rubenstein PR, +1-212-843-8051, ; or Julius Schwarz of Bayrock
Group LLC, +1-212-207-6650, Web site: http://www.bayrockgroup.com/
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