Related Group, Teddy Sagi and BH Group got the green light to redevelop a shuttered waterfront hotel in North Miami.
The North Miami City Council voted 5-0 on Tuesday to approve a site plan for Icon Residences, a proposed 10-story condominium with 53 units and 114 parking spaces at 2305 Northeast 123rd Street, according to video of the meeting.
The 1-acre waterfront redevelopment site is the former White House Inn, a shuttered two-story hotel that was completed in 1969. In 2021, the partnership paid $11 million for the property, records show.
“You know what this property looks like, and the dilapidated condition it has been in for the last two decades,” Pedro Gassant, a lawyer for the joint venture, told council members. “We all know it needs to be redeveloped.”
Designed by Miami-based Arquitectonica, Icon Residences will feature units ranging in size from 2,546 square feet to 4,142 square feet, the site plan shows. As a condition of the site plan approval, the joint venture agreed to contribute nearly $1 million to the city for parks, workforce housing and improvements to a bridge in Keystone Point, a waterfront residential neighborhood.
Sagi is a billionaire who founded Cyprus-based gambling software developer Playtech and owns a portfolio of real estate in London, including Camden Market. He teamed up with Related, BH Group and Chicago-based Wanxiang America RE Group to buy the last condo development site on exclusive Fisher Island in Miami Beach last year.
The four partners paid $122.6 million for the 6.5-acre site at 6 Fisher Island Drive. The joint venture plans to build a 50-unit luxury condo project, with prices for typical units at about $30 million, and more than $60 million for penthouses.
Miami-based Related, led by Chairman Jorge Peréz, and Aventura-based BH Group, led by Liat and Isaac Toledano, are partners in a slate of other residential projects across South Florida. Last month, the joint venture paid $13 million for an empty office building in Plantation. Related and BH plan to redevelop the property into a mixed-use project with 400-plus apartments.
Related and BH are also planning Icon Aventura, a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site in Aventura.