Michael Stern’s Latest Acquisition: Miami Beach Development Site and Bikini Hostel Property for $120 Million
Developer Michael Stern quietly adds prime Miami Beach properties to his portfolio, partnering with David Martin, Gianluca Vacchi, and RG Development for a highly anticipated waterfront condo tower.
Real estate mogul Michael Stern has once again made headlines with his latest acquisition: a prime development site in Miami Beach for a whopping $120 million. Sources reveal that Stern, along with developer David Martin, completed the bulk purchase of Bay Garden Manor at 1250 West Avenue, with Martin joining in on the deal in late July.
This highly anticipated project also includes the purchase of the Bikini Hostel property at 1247 West Avenue, making it a strategic move for Stern and his team. Martin's involvement in the deal adds even more buzz to the project, as he is known for his success in developing luxury properties in Miami Beach.
Stern's partners in the project include Gianluca Vacchi's GV Development and RG Development, making it a collaboration of some of the biggest names in real estate. Sources also reveal that the deal was financed by Northwind Group, although the exact amount has not been disclosed.
This acquisition adds to Stern's already impressive portfolio, which includes the development of luxury towers such as 111 West 57th Street in New York City and the Aston Martin Residences in Miami. With his track record of success in the industry, it's no surprise that this latest project is already generating a lot of buzz.
When asked about the project, Stern remained tight-lipped, saying only that it is "going to be a game changer for Miami Beach." With such a high-profile team behind it, this project is sure to make waves in the real estate world.