Coastline-Nakash Equity Capital Group, led by Yaniv Nakash and Eyal Mehaber, has unveiled plans for a transformative project called Eden, an 822-unit apartment complex slated to be built between Miami International Airport and the Miami River. The development will occupy approximately 7 acres at 3550 Northwest South River Drive along Palmer Lake in unincorporated Miami-Dade County. This visionary project, designed by Sklarchitecture, encompasses four buildings, an 821-space garage, around 60,000 square feet of retail space, and a movie theater within each building.
Due to its proximity to the airport, Eden’s building heights will be capped at approximately eight stories, a restriction that has already received approval from airport authorities. Yaniv Nakash expressed confidence in the venture, citing the anticipated demand for rentals from residents utilizing the nearby Miami Intermodal Center, a pivotal train and bus hub.
Currently, the site is occupied by a junk car lot and is owned by an entity led by the Seoane family. Coastline-Nakash Equity Capital Group has already infused equity into the site and will finalize its purchase when they are prepared to commence construction, with a total acquisition cost of $25 million.
While Coastline-Nakash has offices in Miami-Dade, New York, and New Jersey, it is not affiliated with the Nakash real estate family that possesses the Hotel Breakwater in Miami Beach, founded by Joseph Nakash, the patriarch of the Jordache clothing company.
This ambitious undertaking signifies a substantial revitalization of an area predominantly occupied by industrial structures and warehouses catering to the maritime sector along this stretch of the river. While riverfront development has primarily concentrated in the eastern section, there is a growing interest in the western bank, as demonstrated by Andrew Korge’s Korgeous Development, which acquired a 2-acre industrial-marine property at 3007 Northwest South River Drive last year for $6.5 million. While specific project details have not been finalized, potential options include a residential project comprising 300-plus units.
