Israeli Real Estate Firm Canada Global Joins Miami Tower
Canada Global, an Israeli real estate investment firm, has partnered with U.S. residential developer Flow Property Investors—co-founded by Adam Neumann—and Yellowstone Trust to launch a joint venture investing in a major mixed-use project in Miami, Florida, being developed by the Chetrit Group.
The 4-million-square-foot project could eventually include up to 1,900 apartments and condos, 39,000 square feet of retail, office space, a 17-slip marina and 770 parking spaces. The first phase is nearing completion. Chetrit is nearing completion on the 54-story, 632-unit luxury apartment tower on the site. At least two additional towers are planned on the remaining land.
Flow will manage the apartment tower and lead development of the rest of the project as managing member of the majority ownership. The final version of the deal is based on a USD525 million market capitalization of the project, which is now called Flow on the Miami River.
Legal counsel included Herrick, Feinstein LLP, with partners Yariv C. Ben‑Ari and Morris F. DeFeo Jr., and Shimonov & Co., with attorneys Israel Shimonov and Nimrod Nir, representing Canada Global.
