Abraham Bergman, Opal Realty NY, and The Scharf Group have announced plans for a mixed-use development in Miami Beach’s North Beach area after purchasing two parcels at 7410 Collins Avenue and 7400 Harding Avenue for $15.5 million. The site is located near the upcoming Ocean Terrace project led by Witkoff, Alex Blavatnik, and Sandor Scher.
The acquisition was financed with an $11.9 million loan from Bay Harbor Islands-based Benmark Capital, whose CEO Mark Simon said Eastern Union brokered the mortgage. Simon explained the appeal of their financing approach: “Because of our ability to close quickly, Abe [Bergman] went with us,” he said. “Traditional banks are taking much longer to execute transactions like this. It’s a great location. North Beach is undergoing a crazy transformation.”
Records show that the seller, affiliated with Calvin Gaeta Development Company from Royal Oak, Michigan, had acquired the parcels in 1986 for $855,000.
Last year, Bergman’s joint venture secured city approval to build two five-story buildings totaling 90,000 square feet on the site. Plans include 12,000 square feet of ground-floor retail space and 40,000 square feet of offices. A historic retail building at 7410 Collins Avenue—currently leased to CVS—will be restored and incorporated into the new project. The partnership also intends to add residential units but has not yet determined whether these will be rentals or condos.
Construction is expected to begin next year.
Opal Realty NY manages about $4 billion in commercial real estate assets according to its website; The Scharf Group is a family office established in 1946.
Benmark Capital has recently provided financing for other projects in the region as well. Since last year it has supplied $13.6 million for La Baia North—a condominium development by Continuum Company in Bay Harbor Islands.
North Beach continues to attract new investment and development activity. Lefferts is developing four condominium projects there—including 72 Park (a 22-story tower with short-term rental-friendly units), Palm Miami Beach Residences (126 units), 72 Carlyle (134 units), and another boutique condominium with 36 units. Northlink Capital has also launched sales for a short-term rental-friendly condo building at 7200 Collins Avenue that will feature 222 units across twelve stories.
