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Ytech purchases development sites near Brickell Avenue

Builders looking for open Miami space to develop can take a look at two spots near Brickell Avenue.

Real estate investment and development company Ytech recently purchased 41 and 75 Broadway, a development site perfect for a luxury high-rise residential building. Ytech paid $12.2 million for the properties at the intersection of SW 15th Road and SW First Avenue. Located north of Simpson Park, the properties offer 16,000 square feet total and are zoned for a 288,000-square-foot development. Ytech acquired transfer development rights for an additional 144,000 square feet, which could allow for up to 80 floors in a mixed-use tower of approximately 432,000 square feet with up to an estimated 183 units.

“Ytech strategically and patiently seeks out the best development sites in Brickell,” said Yamal Yidios, chief executive officer at Ytech, which has developed and redeveloped more than 7,000 residential units in the Southeast. “The Broadway properties offer one of the best development sites for boutique luxury living in the highly sought after south Brickell area. It has direct access to the vibrancy of Brickell Avenue’s restaurants, shops and offices while remaining close to nature and green space in the 10-acre park across the street. Such close proximity to a park of that size doesn’t exist anywhere else in the Brickell neighborhood and will provide a uniqueness similar to the exclusive residences adjoining urban landmark parks in New York City, London and throughout Asia.”

Ytech acquired the properties after a series of defaulted contracts from previous buyers and back-up contracts during which it also dealt with the risk of buying partial interests at different intervals on the parcel held by two owners embroiled in a lengthy family litigation.

“We are pleased to overcome numerous obstacles, including acrimonious litigation that had stretched out for nearly a decade, to assemble these prime properties and create new development prospects for Ytech in the prestigious Brickell Avenue area. I am grateful that all parties gave us the opportunity and confidence to create a solution that brought our vision to fruition,” Yidios said. “We have a long-term strategic interest in Brickell and view this transaction as a natural extension of the acquisition of 1428 Brickell Avenue in 2017.”

Featured image: Ytech property at lower left 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.