Leste Group, based in Miami, and Opportunity Fundo de Investimento Imobiliário of Rio de Janeiro have formed LORE Development Group to develop primarily multifamily communities in South Florida. The venture plans to source and acquire properties with the goal of developing more than $1 billion worth of multifamily projects over the next five years.
The first project is a 442,000-square-foot building at 1015 SW 1st Avenue in Miami’s Brickell district that will feature 500 units and cost an estimated $500 million. It will include state-of-the art amenities such as ground floor retail space and ample parking for residents.
According to Stephan de Sabrit, managing partner at Leste: “Brickell is the ideal neighborhood for our first multifamily development in South Florida…This property will set a new standard in luxury living for the area with its exclusive amenities, prime location, and breathtaking design.”
