The Chetrit Group has announced a new partnership that brings Adam Neumann’s Flow, Canada Global, and Yakir Gabay’s Yellowstone Trust in as majority owners of the Miami River District megaproject. Chetrit will retain a significant minority stake in the 6.2-acre site located on the south bank of the Miami River, east of I-95 and near Brickell.
Plans for the 4-million-square-foot development include up to 1,900 residential units, 39,000 square feet of retail space, office areas, a marina with 17 slips, and parking for 770 vehicles. Madison Realty Capital previously provided $310 million in construction financing for the project.
Construction on the first phase is nearly complete. The initial tower at 275 Southwest Sixth Street will offer 54 stories and 632 luxury apartments. Two more towers are planned for future phases. In addition, David Grutman’s Groot Hospitality is set to oversee food and beverage operations in the first building.
Flow will manage the completed apartment tower and take charge of developing subsequent phases as managing member of the majority ownership group. “Flow’s involvement in the deal was first reported by The Promote.” The finalized agreement values the project at $525 million market capitalization under its new name: Flow on the Miami River. Henry Bodek from Galaxy Capital arranged both recapitalization and financing.
Adam Neumann, known for co-founding WeWork, has been expanding Flow’s real estate activities across South Florida and internationally—including projects in Saudi Arabia. Flow is currently developing several properties such as a three-tower complex in Aventura; an apartment and commercial project in El Portal; a condo tower at Miami Worldcenter; as well as completed buildings like Flow Miami and Flow Fort Lauderdale.
Flow’s partnership with Canada Global covers over nine million square feet of mixed-use developments with approximately 5,000 apartments involved. According to Calcalist reporting, Flow acquired a 30 percent stake in Canada Global—an Israeli investment firm led by Assaf Tuchmair and Barak Rosen—for about $27 million.
The Chetrit family has pursued development along the Miami River for more than ten years. In 2015, city officials approved major rezoning changes and development agreements for this project.
In late 2024, Chetrit teamed up with Lotus International from Montreal to redevelop Collins Park Hotel at 2000 Park Avenue in Miami Beach—a long-awaited hotel project that recently secured an $88 million refinancing package.
The Chetrit family oversees both Chetrit Group and Chetrit Organization but has faced recent legal challenges. In New York City, Mayor Eric Adams’ administration alleges that Meyer and Joseph Chetrit allowed one Times Square property to fall into disrepair after defaulting on a $233 million loan.
