Oak Row Equities and Lndmrk Development, prominent Miami-based developers, are teaming up in Edgewater to build a luxury rental property.

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The joint venture paid $22.5 million for a 1.5-acre site at 401 NE 29th Terrace, just east of Biscayne Bay, the firms announced.

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“This is one of the last remaining continuous parcels in Edgewater East capable of accommodating condo-style living with luxury amenities and bay views within a multifamily framework,” Alex Karakhanian, principal of Lndmrk Development, said in a statement.

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The development, designed by Arquitectonica, will also include ground-floor retail. The site is zoned for 36 stories.

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The seller — which in 2019 paid $17.4 million for the parcel — is DLC Capital Management, the family office of controversial couple David and Leila Centner, public records show.

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The Centners co-founded the Centner Academy, a charter school near the Design District. Last year, it made national headlines when school officials instructed teachers vaccinated against COVID-19 to stay away from students and asked parents to keep their kids home for 30 days after receiving the shot.

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The school backtracked on the latter policy after the Florida Department of Education warned that the private school could lose state funding. A representative for DLC Capital Management did not immediately respond to a request for comment.

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For the Edgewater project, Oak Row and Lndmrk has yet to secure financing to fund the construction, which will likely begin next year, said a spokesman for the joint venture. Stefano Santoro of Disruptive Real Estate represented Lndmrk, while Keiti Silva of RE/MAX 360 Real Estate represented the seller.

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The development marks the JV’s second project together. Down the road at 2600 Biscayne Boulevard, Oak Row, formerly known as Carpe Real Estate Partners, is developing a mixed-use project where Karakhanian is also a partner.

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Oak Row, led by David Weitz and Erik Rutter, is developing a sprawling mixed-use project in Wynwood, in partnership with L&L Holding Company and opened the popular Oasis venue, where Spotify is a tenant, last year.

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Also in Wynwood, Lndmrk Development is selling the Cube Wynwd office building for about $60 million.

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