Yakol Capital Partners is moving forward with plans for a Shigeru Ban-designed condo development in Miami’s Upper Buena Vista neighborhood.
Miami-based Yakol, led by William Jacome and Orlando Medellin, tapped Fredrik Eklund of Douglas Elliman’s Eklund-Gomes Team to launch sales later this year of the 12-story, 320-unit development planned for the 1.2-acre site at 237 Northeast 54th Street.
The $300 million project marks the first for Ban, a Pritzker Prize Laureate, in Florida.
Units at the project, called House by Shigeru Ban, will be priced from $800,000 to more than $6 million for the penthouses. Condos will range from one to four bedrooms. A sales center in Buena Vista is under construction now, and sales will start by the beginning of the fall, Eklund said.
Eklund, who called the project an “architectural masterpiece,” said the design creates different setbacks and terraces, and it will include a central courtyard. The cubelike facade incorporates natural materials such as wood for features like wood tree columns and “water walls,” according to a statement from Ban.
“It’s fun to work with someone who takes risks,” Eklund said. “I’m very smitten by Japanese architects, starchitects, like Kengo Kuma and Shigeru Ban.” (Kuma is designing a project in the Miami Design District.)
Yakol Capital’s House development will also include ground-floor retail space, and amenities such as indoor padel courts, a fitness center, event spaces, shared kitchens, children’s rooms and a rooftop pool deck. Ban’s furniture and fixtures will also be included in the project.
Construction is expected to begin next year, with estimated completion in 2029, according to information provided by a spokesperson for the developer. Yakol Capital plans to finance construction with a loan.
The project is in an Opportunity Zone, but Yakol doesn’t currently plan to leverage the property’s OZ status. It is an EB-5 project, which means that foreign investors can invest $800,000 in the project in exchange for citizenship.
Toussaint Ateliers Residences LLC assembled the majority of a city block in 2023 for $6.1 million, records show. It’s just outside of Miami’s Little Haiti neighborhood and west of Morningside.
Even larger projects have been proposed in the area.
Miami Jewish Health is working with senior living provider Greystone Communities on a 192-unit independent senior living complex at its existing campus in Buena Vista. The project, called FiftyTwoNorth, will consist of a pair of five-story buildings and an 11-story building at 5200 Northeast Second Avenue. Construction is expected to start in 2027 and be completed in 2028.
In Little Haiti, SPV Realty, tied to New Yorker Justin Podolsky, has proposed a controversial redevelopment of the Design Place apartment complex. If approved, Sabal Palm Village at Flagler Trail would consist of roughly 3,000 apartments, 400 hotel rooms, offices, commercial, educational and civic space across 15 buildings. The 22.5-acre property is at the southwest corner of Northeast 54th Street and the Florida East Coast Railway tracks.
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South Florida
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