Rescuing a Family Heirloom on the Miami River

MIAMI – Land held by a Miami-based developer’s family since 1926, slated for re-development, nearly came to a halt when they ran out of capital. Keeping the former site of the East Coast Fisheries and restaurant in the family, preserving the original fishery building, and bringing back vibrancy to a narrow strip of the NW Miami River bank was developer client Peter Schwartz’s dream. To keep this dream on track, KPKB attorney, Eliot Abbott, was able to locate $15.5 million in financing which enabled Mr. Schwartz to assemble more land to get a bigger footprint for the project covering the narrow waterfront block stretching from Flagler to Southwest First streets. The new project on 12,482 square feet will include residential and office space, a spa, shopping, dining, entertainment, marina, and parking.

Most of the land in the transaction had been held by the Schwartz family since 1926 when the original fishery opened its doors, but they were in danger of losing it in 2004 until an investor stepped in which allowed them to mortgage the property while they puta development plan in place. Mr. Schwartz eventually got approval for the mixed-use 32-story RiverHouse Lofts project, but due to complicating factors there was no construction before the major use special permit ran out. Without a new source of capital, the property and the project was in jeopardy.

That’s when Eliot went to work, taking very complex facts and circumstances, to structure a proposal that was attractive to the financial community and that landed the 15.5 million dollar re-financing, putting the project back on track and keeping the land in the family.