BH Group can move forward with plans for a 400-unit apartment tower in North Miami Beach.
The North Miami Beach City Commission on Thursday voted 5-0 to approve a site plan for the 32-story building that will also have 1,825 square feet of ground-floor commercial space and a 587-space parking garage, city records show.
The city commission also granted 10 variances for the project that reduce portions of the proposed building’s setbacks and allow for a decorative covering on the facade of the parking garage.
BH Group, an Aventura-based real estate development and investment firm led by Issac and Liat Toledano, paid $11 million for the nearly 2-acre site at 2261 Northeast 164th Street last year.
Isaac Toledano declined comment about BH Group’s plans to break ground and the estimated construction cost of the project.
Multifamily development is booming in North Miami Beach. In December, a joint venture between New York-based Hidrock Properties and Argentine developer Grupo Portland unveiled plans for a 20-story rental tower at 1700 Northeast 164th Street. The partnership is contemplating that the project will entail between 375 to 400 apartments, ground-floor retail and parking.
Between December of 2021 and August of last year, developers spent more than $130 million combined for development sites in North Miami Beach. Builders are planning about a dozen projects that could add 2,600 apartments and 254 condos in the city, according to an analysis by The Real Deal.
Meanwhile, BH Group is in the midst of a development spree. Last month, BH and partner Related Group acquired a former AT&T office site in Plantation for $13 million. The joint venture plans to redevelop the nearly 14-acre site, which is approved for a project with 375 apartments in three buildings, and 108,000 square feet of mostly office space with some retail in a fourth building. Related and BH submitted a proposed site plan revision to the city of Plantation that would allow more than 400 units.
The two firms are also involved in other South Florida projects, including Icon Aventura, a planned 26-story tower with 308 apartments, and a planned two-tower condominium and condo-hotel project adjacent to the Diplomat Beach Resort in Hollywood.