Arch Companies and its partner, Canadian investor William Wiener, just completed assembling land for a mixed-use project to include apartments in Edgewater.
Wiener’s 35 Oak US 4 Inc. paid $9.7 million for the Sion International Center Church buildings at 2511 and 2521 Biscayne Boulevard from the Sion Church of the Assemblies God, according to property records. The land totals 22,400 square feet and the buildings 5,955 square feet. Its T6-36a O zoning allows for at least a 36-story structure.
New York-based Arch Companies is the lead investor and developer on the project, managing partner Jeff Simpson said. Simpson, former CEO of Greystone Development, and Jared Chassen, also a former Greystone executive, left to form Arch Companies in December. Wiener, a partner on the project, is president of Viscor, a Toronto-based manufacturer of LED and fluorescent lighting products, according to the company’s website.
In 2016, his company paid $13 million for the Latin Cafe’s 2000 Biscayne Edgewater site next door. That land totals nearly 26,000 square feet.
Together with the Latin Cafe property, 35 Oak US 4 now controls more than 48,000 square feet of contiguous land on that block. The project is in the design stages and will include a residential apartment component, Simpson said. It’s across the street from 2500 Biscayne, a 19-story, 156-unit mixed-use building co-developed by Greystone, Alta Developers and Infinity Real Estate. Greystone recently sold its stake in that building.
In 2015, Wiener’s company paid $5.7 million for an assemblage about two blocks north.
Maria Papaspirou of Fortune International Realty represented Wiener in the off-market deal. She declined to comment on plans for the site.
By: Katherine Kallergis, The Real Deal