More NY Developers Building in Miami Now
The List of NY developers who are now shifting their main focus to Miami continues to proliferate. New York developer Shahab Karmely is aiming his focus squarely on South Florida, assembling several properties for future condominium and mixed-use projects, with a desire to combine compelling architecture and aesthetic design. Karmely, founder and principal of New York-based KAR Properties, has purchased more than $100 million of real estate during the past two years in Hallandale, Wynwood and along the Miami River.
In fact, the company’s primary focus has shifted from New York to South Florida, he said. “It’s a combination of loving the city and getting sticker shock in New York, and the timing of Miami and where it is going.” After living on several continents, the Iranian native said he finds Miami a place that is still maturing, offering the chance for renewal. “I am in Miami because I saw the opportunity there and fell in love with the city. I have lived in Bangkok, London, Milan, New York, L.A., Frankfort, and spent substantial amount of time in cities in India, because of business, and in Latin America,” said Karmely, 52. “And I look at myself as my own end consumer.
KAR Properties has holdings throughout the United States, Southeast Asia and Europe. The firm has bought, redeveloped and sold more than 3 million square feet of office, luxury mixed-use, and industrial space, and currently manages a portfolio of more than 2 million square feet. “We want to be part of the fabric of Miami and bring about with our projects a new sense about design and architecture and the quality of what can be built in Miami,” he said. “We hope to be a complementary part of this great city.” *The Real Deal
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