Developer Dezer Plans Project In North Miami Beach Eleazar David Melendez, Daily Business Review February 12, 2014, 11:15 AM
February 12, 2014
Developer Gil Dezer said Wednesday that his company is looking to build a planned community at a freshly acquired North Miami Beach retail center.
The residential development, which Dezer said would include several buildings and at least 600 residential units, has been rumored since a company linked to Dezer Development acquired the Intracoastal Mall on 163rd Street in December.
The development would be a change of pace for Dezer, who has so far focused on building ultra-luxury beachfront residential condos on Sunny Isles Beach.
Dezer Intracoastal Mall LLC bought the property from Los Angeles-based Canyon Capital Realty Advisors LLC for $63.5 million.
"It's 27 acres, and it currently has zoning for 600 units, but we're looking to increase that," Dezer said at an industry gathering, Marcus & Millichap's Commercial Real Estate Forum.
Dezer noted the planned development would make use of the marina that abuts the Intracoastal Mall.
A section of the 271,670-square-foot shopping center at 3501 Sunny Isles Blvd. houses restaurants facing the Intracoastal Waterway, including Duffy's Sports Grill, and features 13 boat slips. That strip would be the residential site.
While declining to specifically characterize the nature of his project, Dezer suggested it would not necessarily feature the ultra high-end amenities he's focused on in other projects, most notably the 641-foot Porsche Design Tower under construction in Sunny Isles Beach.
"Everything on the beach had to be super lux because that's the market," Dezer said. "But there's super lux and then there's super price lux. My next project, we're going back to normal-sized apartments."
In an interview with the Daily Business Review last month, Dezer declined to comment on specific plans for development of the Intracoastal Mall property, but he noted the size of the acquisition gave his company design flexibility"It's the largest single piece of land in the area," Dezer said.
Asked if he believed new development in the city would spur a change in the character and demographics of North Miami Beach, as occurred in Sunny Isles Beach, Dezer said, "We're not thinking that far ahead."