The Chetrit Group has brought in a partnership led by Adam Neumann’s Flow, Canada Global, and Yakir Gabay’s Yellowstone Trust as the new majority owners of the Miami River District megaproject. Chetrit will remain a minority partner in the 6.2-acre development located on the south bank of the Miami River, near Brickell and just east of I-95.
The planned project covers about 4 million square feet and could include up to 1,900 apartments and condos, along with retail space, offices, a marina with 17 slips, and parking for 770 vehicles. Madison Realty Capital provided a $310 million construction loan for the project in 2021.
Construction on the first phase is nearly complete. Chetrit is finishing work on 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 an earlier announcement from 2022, Chetrit said David Grutman’s Groot Hospitality would handle food and beverage operations in the first tower.
According to a press release, Flow will manage this apartment tower and take charge of developing the rest of the project as managing member of the majority ownership group. “Flow’s involvement in the deal was first reported by The Promote.” The deal values what is now called Flow on the Miami River at $525 million market capitalization. Henry Bodek of Galaxy Capital arranged both recapitalization and financing.
Adam Neumann is known for co-founding WeWork and has been expanding his real estate business through Flow across South Florida and internationally—including projects in Saudi Arabia. Other local developments by Flow include projects in Aventura, El Portal, Miami Worldcenter, as well as completed buildings in Miami and Fort Lauderdale.
Flow has also partnered with Canada Global on mixed-use projects totaling over 9 million square feet—including about 5,000 apartments—according to statements from those involved. Flow acquired a 30 percent stake in Canada Global for roughly $27 million.
The Chetrit family has been working toward developing this site for more than ten years; major rezoning approvals were granted by city officials back in 2015.
In other recent moves unrelated to this transaction but involving Chetrit properties: last year saw Chetrit join forces with Lotus International on redeveloping Collins Park Hotel at Miami Beach after securing an $88 million refinancing package.
Chetrit’s business interests extend beyond Florida; its companies have faced litigation recently. In New York City, Mayor Eric Adams’ administration alleges that properties managed by Meyer and Joseph Chetrit have deteriorated after defaulting on significant loans.
