Flow, the residential venture launched by former WeWork CEO Adam Neumann, is making its latest move in South Florida by buying a nearly complete 54-story residential tower and adjacent land zoned for more than 2.5 million square feet of commercial space on the Miami River.
Flow and its partners Canada Global and Yellowstone Trust have formed a joint venture to purchase a majority stake in Chetrit Group’s massive River District development in the midst of Miami’s Brickell financial hub that includes plans for more than 1,900 units.
In a filing with the Tel Aviv Stock Exchange, Canada Global, an Israeli real estate investment firm, said that the company was part of a partnership that took a 60% stake in the development site for $106 million. New York developer Chetrit Group is expected to retain a partial stake in the project, which has been renamed Flow on the Water.
Chetrit Group, led by Joseph and Meyer Chetrit, could not be reached for comment.
The purchase includes the 54-story building that is under construction with 632 housing units, 771 parking spaces, 39,000 square feet of commercial space and a marina with 17 boat slips along the Miami River, according to the filing.
Also included in the deal are three adjacent land parcels with the rights to develop an additional 1,300 residential units, offices and a hotel, the filing said. A timeline for developing the three parcels was not disclosed. Flow didn’t respond to a request for comment about the timeline.
The parties agreed to refinance the existing loan on the project for $350 million. The purchase price of $106 million is expected to be used to pay $22 million of the existing debt and to complete construction and prepay interest until leasing begins, the filing said.
Flow on the Water sits on the western side of the city’s Brickell financial district on the south bank of the Miami River, immediately east of Interstate 95.
The move is the latest from Neumann’s Flow, which he founded in 2022 backed with a $350 million investment from Silicon Valley venture capital firm Andreessen Horowitz, also known as a16z. Flow is focused on developing, owning and managing high-quality multifamily projects in markets that include Miami; Fort Lauderdale, Florida; and Riyadh, Saudi Arabia.
Neumann has been steadily expanding Flow's presence throughout South Florida over the past few years. In addition to building the apartments Flow Miami and Flow Fort Lauderdale, the group is expected to complete its first condominium, the 466-unit Flow House in Miami’s Worldcenter neighborhood, later this year.
Flow’s partnership with Canada Global in South Florida also includes three towers with 674 units that are underway in Aventura and 2,380 proposed apartment units and commercial space in the quiet Miami village of El Portal, according to a Tuesday statement from Flow. Flow bought nearly 16 acres for the El Portal project earlier this year.
Flow on the River, which is referred to as Flow Brickell on the company’s website, is expected to open in October.
“This is an exciting step forward in reimagining the future of living,” Neumann said in the statement. “With Flow on the River, we continue to deliver on our mission one community at a time.”