Related Group, BH Group team up to redevelop waterfront site

Billionaire real estate mogul Teddy Sagi, development powerhouse Related Group, and BH Group are teaming up to acquire the site of the former White House Inn at 2305 NE 123rd St. in North Miami, Fla.

The partnership plans to redevelop the waterfront site as a luxury-residential development at the eastern entrance to North Miami.

Still in the early planning phase, the developers plan to deliver a luxurious, highly exclusive community that will set a new residential standard for the neighborhood.

“This is one of those rare bayfront sites that's gone underutilized for far too long," said Jon Paul Pérez, Related president. “Through this partnership, we will revitalize the parcel and give North Miami the entrance it deserves.”

This is the second project announcement for this joint venture. The group recently closed on an investment within the planned Transit Village project in downtown West Palm Beach, Fla., and continues to search for opport