The Related Group, Teddy Sagi and BH Group received approval to redevelop a closed beachfront hotel in North Miami.

The North Miami City Council voted 5-0 Tuesday to approve the site plan for Icon Residences, a proposed 10-story condominium at 2305 Northeast 123rd Street with 53 units and 114 parking spaces, according to a video of the meeting.

The 1-acre waterfront redevelopment site is the former White House Hotel, a closed two-story hotel completed in 1969. In 2021, the partnership paid $11 million for the property, records show.

“You know what the property looks like and how run down it has been over the last 20 years,” Pedro Gassant, a lawyer for the joint venture, told council members. “We all knew it needed to be redeveloped. ”

The Icon Residences, designed by Miami-based Arquitectonica, will have units ranging from 2,546 to 4,142 square feet, site plans show. As a condition of site planning approval, the joint venture agreed to contribute nearly $1 million to the city for parks, employee housing and improvements to a bridge in Keystone Point, a waterfront residential complex.

Sagi is a billionaire who founded Cypriot gaming software developer Playtech and owns a string of properties in London, including Camden Market. Last year, he teamed up with Related, BH Group and Chicago-based Wanxiang America RE Group to buy the last condo development site on Miami Beach’s exclusive Fisher Island.

The four partners paid $122.6 million for the 6.5-acre site at 6 Fisher Island Drive. The joint venture plans to build a 50-unit luxury condominium project, with a typical unit priced at about $30 million and a penthouse priced at more than $60 million.

Miami-based Related, led by chairman Jorge Peréz, and Aventura-based BH Group, led by Liat and Isaac Toledano, are partners in a string of other residential projects in South Florida. Last month, the joint venture paid $13 million for a vacant office building in Plantation. Related and BH plan to redevelop the property into a complex of more than 400 apartments.

Related and BH are also planning Icon Aventura, a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail space and a garage on Aventura’s 4-acre development site.

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