Billionaire Adam Neumann’s Flow, along with Canada Global and Yakir Gabay’s Yellowstone Trust, has taken a majority stake in the Miami River District megaproject previously led by the Chetrit Group. The New York-based Chetrit Group will remain a significant minority partner in the 6.2-acre development located on the south bank of the Miami River, just east of I-95 and near Brickell.
The planned project spans 4 million square feet and could eventually include up to 1,900 apartments and condos, 39,000 square feet of retail space, office areas, a marina with 17 slips, and parking for 770 vehicles. In 2021, Madison Realty Capital provided a $310 million construction loan for the development.
Chetrit is close to completing the first phase: a 54-story luxury apartment tower with 632 units at 275 Southwest Sixth Street. Plans also call for at least two more towers on remaining parcels. In 2022, Chetrit announced that David Grutman’s Groot Hospitality would manage food and beverage services in the first tower.
According to a press release: “Flow will manage the apartment tower and lead development of the rest of the project as managing member of the majority ownership.” The deal was initially reported by The Promote.
The agreement values what is now called Flow on the Miami River at $525 million in market capitalization. Henry Bodek of Galaxy Capital arranged both recapitalization and financing for this transaction.
Neumann co-founded WeWork before expanding his real estate ventures through Flow in South Florida and internationally—including projects in Saudi Arabia. Flow is currently developing several other projects across South Florida: a three-tower complex in Aventura; an apartment and commercial site in El Portal; a condo tower with 466 units at Miami Worldcenter; as well as completed buildings named Flow Miami and Flow Fort Lauderdale.
Flow has partnered with Canada Global on more than nine million square feet of mixed-use developments that include about 5,000 apartments. According to Calcalist reporting cited in company materials, Flow acquired a 30 percent stake in Canada Global—an Israeli real estate investment firm led by Assaf Tuchmair and Barak Rosen—for approximately $27 million.
The Chetrit family has worked on plans for this Miami River site for over ten years. In 2015, they received approval from the Miami City Commission for rezoning and their development agreement.
Recently, Chetrit teamed up with Montreal-based Lotus International to redevelop Collins Park Hotel at 2000 Park Avenue in Miami Beach—a long-anticipated hotel project—and secured an $88 million refinancing loan tied to that property.
The Chetrit family controls both Chetrit Group and Chetrit Organization but has faced recent litigation involving its holdings. In New York City, Mayor Eric Adams’ administration claims that Meyer and Joseph Chetrit’s group allowed a Times Square property—once known as one of Manhattan’s most troubled hotels—to fall into disrepair after defaulting on a $233 million loan.
