The Chetrit Group has brought in a partnership led by Adam Neumann’s Flow, Canada Global, and Yakir Gabay’s Yellowstone Trust as the majority owners of its Miami River District megaproject. The New York-based developer will remain a significant minority partner in the 6.2-acre site located on the south bank of the Miami River, near Brickell and east of I-95.
Plans for the 4-million-square-foot project include up to 1,900 apartments and condos, retail space totaling 39,000 square feet, office space, a marina with 17 slips, and parking for 770 vehicles. Madison Realty Capital provided a $310 million construction loan for the development in 2021.
Construction on the first phase is nearing completion with a 54-story luxury apartment tower at 275 Southwest Sixth Street that will have 632 units. At least two more towers are planned for future phases. In addition, David Grutman’s Groot Hospitality is set to handle food and beverage operations in the first tower.
According to a press release, Flow will manage this apartment tower and lead further development as managing member of the new majority ownership group. “Flow’s involvement in the deal was first reported by The Promote.” The finalized agreement values the project at $525 million market capitalization and was arranged by Henry Bodek of Galaxy Capital.
Adam Neumann, known for co-founding WeWork, has been expanding Flow’s presence in South Florida and internationally. Projects under development include an apartment-office-retail complex in Aventura; an apartment and commercial property in El Portal; a Flow-branded condo tower at Miami Worldcenter with 466 units; as well as completed buildings Flow Miami and Flow Fort Lauderdale.
Flow is working with Canada Global on over nine million square feet of mixed-use projects that encompass about 5,000 apartments. Flow also acquired a 30 percent stake in Canada Global—a real estate investment company based in Israel—for approximately $27 million.
The Chetrit family has pursued plans for the Miami River site for more than ten years. The project received major rezoning approval from the Miami City Commission along with its development agreement back in 2015.
In late 2024, Chetrit partnered with Montreal-based Lotus International to redevelop Collins Park Hotel at 2000 Park Avenue in Miami Beach and secured an $88 million refinancing package for that property.
Recently, both Chetrit Group and Chetrit Organization have faced litigation issues. In New York City, Mayor Eric Adams’ administration claims that Chetrit Group allowed one Times Square hotel—once called “the city’s dirtiest”—to fall into disrepair after defaulting on a $233 million loan.
