Billionaire Adam Neumann’s Flow, along with Canada Global and Yakir Gabay’s Yellowstone Trust, have become the majority owners of the Miami River District megaproject previously led by the Chetrit Group. The Chetrit Group, based in New York, will retain a significant minority stake in the 6.2-acre development located on the south bank of the Miami River near Brickell.
The project is planned to span 4 million square feet and could include up to 1,900 apartments and condos, as well as retail space, offices, a marina with 17 slips, and parking for 770 vehicles. In 2021, Madison Realty Capital provided a $310 million construction loan for the development.
Chetrit is close to completing the first phase: a 54-story luxury apartment tower with 632 units at 275 Southwest Sixth Street. Additional towers are expected to be built on other parts of the site. In an earlier announcement from 2022, Chetrit revealed that David Grutman’s Groot Hospitality would oversee food and beverage services in this first tower.
Flow will take over management of the apartment tower and lead further development as managing member of the new majority ownership group. According to a press release, “The final version of the deal is based on a $525 million market capitalization of the project, which is now called Flow on the Miami River.” Henry Bodek of Galaxy Capital arranged both recapitalization and financing for this transaction.
Neumann has been expanding Flow’s presence in South Florida and internationally. The company is currently developing several projects including three towers in Aventura featuring apartments, offices, and retail; an apartment complex in El Portal; a condo tower at Miami Worldcenter; and completed buildings under its brand in Miami and Fort Lauderdale.
Flow has also formed partnerships with Canada Global on mixed-use developments totaling more than nine million square feet—including approximately 5,000 apartments—according to statements released by those involved. Additionally, Flow acquired a 30 percent stake in Canada Global for about $27 million.
The Chetrit family has worked toward realizing this Miami River project for over ten years. The city commission approved key rezoning measures and development agreements back in 2015.
In other recent activities unrelated to this partnership shift, Chetrit joined forces with Lotus International from Montreal on redeveloping Collins Park Hotel in Miami Beach after securing an $88 million refinancing package for that property. The Chetrit Group remains active but faces legal challenges elsewhere: New York City officials allege that properties managed by Meyer and Joseph Chetrit have fallen into disrepair following loan defaults.
