LargaVista Companies, a New York based 2nd generation real estate development and investment firm, announced today that it has commenced construction on Lyric Point, a 55,000 sf 2-story retail and office building on NW 8th Street adjacent to the historic Lyric Theater and directly across from MiamiCentral.
Lyric Point constitutes Phase IV of the Development Agreement entered on December 17, 2012 between Southwest Overtown/Park West Community Redevelopment Agency and Lyric Development LLC, an affiliate of The Gatehouse Group, Inc., an industry leader in the development and management of apartment communities and the developer of The Plaza at the Lyric located directly to the North of Lyric Point.
LargaVista CEO, Marcello Porcelli, enthusiastically stated, “This acquisition fits perfectly into our multi -generational strategy of acquiring assets located in expanding urban centers with tremendous long-term development upside. Gatehouse and the Overtown/Park West CRA trusted us to execute on a plan which fulfills the current obligations of the Development Agreement rather than to seek an extension with the CRA and the County to pursue an alternate and uncertain development scheme. We plan on being a good neighbor for the long run, respecting the culturally rich heritage of this community with an eye toward investing in and contributing to the continued growth of downtown Miami and its vibrant commercial core.”
Marketing of the Kobi Karp-designed Lyric Point will be managed by Zack Winkler and Eric Groffman of JLL. “The site presents a great opportunity for a number of users – both on the retail and office fronts,” said Mr. Winkler. “Being across from Miami Central and the Miami World Center puts Lyric Point right in the middle of all of the exciting developments happening in Downtown Miami.”
The General Contractor for the project is NV2A, a recently formed progressive construction management firm transforming the vertical building and civil industries in South Florida whose partners enjoy a combined 150 years of experience in the business.
Clarence Woods, the Executive director of the Overtown/Park West CRA proclaimed that “Lyric Point would play an important role in the continued evolution of this community and that LargaVista and NV2A are committed to support local hiring and have already hosted two job fairs at the CRA headquarters.”
LargaVista was represented by its long time General Counsel, Seth Friedland and locally by Carlos Lago and Iris Escarra of Greenberg Traurig.
This is the first major project in Miami for LargaVista which owns several million sf of prime New York City commercial, residential and industrial property. The company invests not only for its own account but also in collaboration with national development firms such as the Related Companies and Lowe Enterprises. “This was a great opportunity to immediately navigate the local development waters on a project of a manageable scale while we continue to seek out other major opportunities in what we believe is one of the most exciting markets in the world,” continued Mr. Porcelli.
Construction of Lyric Point is anticipated to be complete in September of 2018.
LargaVista Companies (“LargaVista”), is a second-generation real estate investment and development firm. The company manages a portfolio of more than 60 commercial, industrial, and residential properties throughout New York City with select investments in Florida and California. The company’s roots are in the petroleum industry. Throughout the 70’s, 80’s and 90’s, Gaseteria Oil Corp, the predecessor to LargaVista, grew to become the largest independent chain of retail gas stations in New York City operating under the iconic “Gaseteria” brand. At the turn of the century, the firm’s focus shifted from operating gasoline stations to maximizing the asset value of its vast portfolio of prime properties. In 2004, the firm’s corporate identity was changed to LargaVista Companies, which is not only an homage to its Latin American roots, but also a constant reminder that the firm, now led by the son of its founder, is shepherding this business for many generations to come.
LargaVista’s development business includes commercial, residential, industrial and mixed-use projects ranging in size from $4mm - $200mm. LargaVista mostly develops for its own account although recently it entered into a joint venture with the Related Companies to develop “300 Lafayette” an 85,000sf boutique retail and office building at the gateway to Soho across from the storied Puck building. 300 Lafayette is the first Class A office building in Soho to come to market in 100 years. The site is under construction and is scheduled for substantial completion in Spring 2018.
LargaVista is also expert in managing the remediation of hazardous materials and petroleum contamination which has become an important niche in its growth strategy. LargaVista recently established a Miami office that will allow for the company to expand in other emerging global markets and diversify its holdings.
The Gatehouse Group of Companies is known as an industry leader in the acquisition, development, marketing and management of both market rate and affordable housing communities throughout Florida and the Northeast. Gatehouse is the recipient of numerous awards and citations from national and regional divisions of government and industry groups.
NV2A Group is a construction management firm founded in 2016 by industry leaders Gilberto Neves, Jesus Vazquez, Agustin Arellano, Jr., and Agustin Arellano. The partnership formed around their shared personal and professional values; commitment to the community; and a common belief in the need for higher standards of service, performance, and innovation within their industry. NV2A seeks to establish long-term strategic partnerships and invests in the latest efficiency-generating technologies. Learning from past experience and rethinking how the industry works, NV2A executives have created a company that is lean and highly flexible in its ability to scale and adapt to the needs of each project. Working with NV2A, clients have access to a local team of experts with extensive national and international experience executing complex construction projects that require diverse capabilities. With more than 150 years of collective experience in the local market, the NV2A team offers the most comprehensive construction management services in South Florida.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.