- October 3, 2023
Urban Network Capital buys dev site for second Miami condo-hotel project
Firm backed by Mexican, Peruvian investors acquired half-acre assemblage in Edgewater
By Francisco Alvarado
Urban Network Capital Group acquired a development site in Edgewater for its second condo-hotel project in Miami.
Miami-based Urban Network partnered with Peru-based Vertical Developments to buy a 0.5-acre assemblage for $13.5 million at 445 and 455 Northeast 36th Street and 3618, 3620, 3630, 3632 Northeast Fifth Avenue, according to a press release.
The properties consist of two four-bedroom duplexes, a four-bedroom house and a three-bedroom home that are adjacent to Blue on the Bay, a 35-story condominium built in 2005.
Alfonso Jaramillo with Fortune International Realty represented Urban Network, led by CEO Robert Thorne, and Vertical, led by CEO Fernando de Nuñez y Lugones, the release states. The joint venture has not disclosed any more details on the proposed condo-hotel project.
The sellers, two related entities managed by William Hammani and Nouman Katat in Doral, paid a combined $4.8 million for the four properties in 2015 and 2019, records show.
Urban Network is planning to build its first South Florida project in Brickell with the same partner, Vertical Developments. The joint venture is under contract to buy a 0.3-acre site at 1120, 1130 and 1136 Southwest Third Avenue for $8.5 million. The proposed project is called Visions at Brickell Station, an eight-story condo-hotel with 111 units.
Thorne, Urban Network’s CEO, founded the firm in 2019. He developed the Lofts at Mayfair, a six-story condominium with 99 units in Coconut Grove. That project was completed in 2004, records show.
Since its inception, Urban Network has primarily focused on Orlando, amassing 250 acres of developable land in central Florida. The firm is planning the 354-unit Visions Orlando Spa & Resort, and the 160-unit The Flats Orlando.
Urban Network is facing stiff competition in the South Florida condo-hotel market. This month, the Galbut family launched sales of the Gale Hotel & Residences MIami, which consists of 240 condo-hotel units in the Natiivo mixed-use tower in downtown Miami that the Galbuts are also developing.
Last month, a joint venture between Oak Capital’s Ricardo Dunin and Peruvian firm Edifica filed an application with Miami-Dade County for Domus Brickell Park, a 12-story, 171-unit condo-hotel in Brickell.
Source: therealdeal