An investor group led by TASE-listed Canada Global with Flow, the residential brand founded by Adam Neumann, and Yellowstone has agreed to buy 60% of a major waterfront property in Miami’s Brickell neighborhood, known as The River District, at a valuation of about $525 million, the companies said.
The purchase price for the stake is $106 m., with the sellers, New York’s Chetrit Group, retaining roughly 40% of the asset, according to the announcement.
The 6.2-acre site already includes a nearly completed 54-story residential tower with 632 units, about 39,000 sq. ft. of retail and a 17-slip marina, alongside three adjacent parcels with existing rights for roughly 1,300 additional units plus commercial and hotel space, about 2.5 million sq. ft. in total, the partners said.
Multi-phase development project
Independent filings and local reports describe The River District as a multi-phase Kobi Karp–designed development on the Miami River with a planned marina and four towers.
Under the joint-venture structure formed for the deal, Canada Global will hold about 38% of the JV vehicle, Yellowstone 38%, and Flow the balance; after look-through, Canada Global and Yellowstone would each own roughly 23% of the property and Flow about 14%, with Chetrit Group at approximately 40%. Canada Global also received an option to raise its JV stake to 52% (about 31.2% of the asset), the companies said.
Chetrit Group, led by brothers Joseph and Meyer Chetrit, assembled and has been developing the River District site.
Who’s who: Canada Global is the overseas real-estate arm controlled by Asaf Touchmair and Barak Rosen and traded in Tel Aviv. Flow, backed by Andreessen Horowitz (a16z), was founded in 2022 by Neumann.