MRG Intelligence / Edgewater Due Diligence / June 2026
3350 Biscayne Boulevard is a proposed 47-story, 499-unit rental tower in Edgewater, Miami, approved under Florida's Live Local Act and currently listed for sale at $32 million to $34 million by the development consortium that acquired the site for $16.5 million in October 2022. Miami Real Group presents the verified public record on this project so investors can ask the right questions before committing capital.
The entitlement value created by the Live Local Act approval at 3350 Biscayne Boulevard is verifiable and real. Before any institutional capital, mezzanine lender, or joint venture partner engages this asset, Miami Real Group recommends that legal counsel independently verify the five items documented below. The public record raises material questions that sophisticated investors require answered before committing.
0.85-acre, six-parcel assemblage at Biscayne Boulevard and NE 34th Street. Acquired October 7, 2022 for $16,500,000. Unanimous UDRB approval October 15, 2025 for 47 stories and 499 units under the Live Local Act. As of June 2026: listed for sale at $32M to $34M, no master building permits pulled, no general contractor contracted. Source: Miami-Dade property records, Florida YIMBY, Miami Today, Traded.co.
Baseline T6-36A-O zoning permitted 36 stories and approximately 172 units. By committing 40% of units (203 apartments) to workforce housing at 120% of Area Median Income under Senate Bill 102, the developer secured by-right entitlement to 47 stories (536 feet) and 499 units. The 203 workforce units are legally required to remain rentals for 30 years. Source: City of Miami, UDRB approval record.
Amit Kort (Kort Development): verified track record consists of boutique luxury spec homes in Golden Beach and Surfside, including two waterfront residences backed by a $25 million construction loan from Vaster Capital. Ofir Gabriel (goTRG): background in e-commerce reverse logistics. Tulip Developments Group LLC was formed June 2022 with no prior high-rise multi-family development history. Source: Florida Division of Corporations, Traded.co, Vaster Capital.
Karl-Ulrich Ansorg is promoted as the European development partner. German corporate registry North Data confirms Ansorg Development GmbH (Amtsgericht Charlottenburg, HRB 149445 B) was published as entering formal liquidation proceedings on December 10, 2024. Investors engaging the 3350 Biscayne LLC should require independent legal analysis of how this liquidation affects the capital stack and completion bond requirements. Source: North Data, northdata.com.
The Bangkok Post reported in 2017 that 157 buyers filed formal complaints with the Thai Department of Special Investigation alleging 500 million baht in damages related to unreturned deposits and the permanent halting of construction on the Centara Grand Residence project in Pattaya, a luxury condominium launched in 2012 under the Tulip Group, whose principals include Kobi Elbaz of the Royal Tulip Group. Source: Bangkok Post, bangkokpost.com, 2017.
The UDRB approval is unanimous and legally verifiable, representing a density multiplier from 172 to 499 units by-right. Kobi Karp's architectural design is credible and received strong praise from the review board. The site carries Opportunity Zone designation providing capital gains tax advantages for institutional capital structured for a long-term hold. Location at the nexus of Edgewater, Midtown, and the Miami Design District commands strong underlying rental demand.
Given the site is actively listed for sale at a significant premium over the 2022 acquisition cost, what contractual guarantees and municipal vested rights protect an acquirer's capital if they seek to modify the approved Kobi Karp master plan or unit mix after acquisition?
Given the Bangkok Post's 2017 reporting of complaints involving alleged unreturned deposits in a prior Tulip Group development in Thailand, what specific escrow insulations, independent lockbox mechanisms, and third-party fiduciary oversight will govern the handling of all construction funds within the 3350 Biscayne LLC?
How does the December 2024 formal liquidation of Ansorg Development GmbH (HRB 149445 B) affect the current capital stack, liquidity guarantees, and completion bond requirements for the 3350 Biscayne LLC entity under Florida law?
With 203 units legally bound to workforce housing rent caps for 30 years, and Miami high-rise construction costs routinely exceeding $400 per square foot, what does the fully stress-tested pro-forma show for the blended Internal Rate of Return at an acquisition price of $34 million?
Given organized municipal and community opposition to Senate Bill 102 across South Florida, what specific grandfather clauses or statutory safe harbors protect the October 2025 UDRB approvals if the Florida Legislature amends or repeals the Live Local Act prior to master building permit issuance?
3350 Biscayne Boulevard is a proposed 47-story, 499-unit mixed-use rental tower at the corner of Biscayne Boulevard and NE 34th Street in Edgewater, Miami. The project was approved under Florida's Live Local Act, which granted by-right entitlement to 47 stories and 499 units in exchange for committing 203 units to workforce housing at 120% of Area Median Income. The UDRB granted unanimous approval in October 2025. As of June 2026 the site is listed for sale at $32 million to $34 million with no building permits pulled and no general contractor contracted. Source: Florida YIMBY, Miami Today, Traded.co.
The site is held by Tulip Developments Group LLC, formed in June 2022, a joint venture between Amit Kort (Kort Development, domestic luxury spec homes), Ofir Gabriel (goTRG, e-commerce logistics), Karl-Ulrich Ansorg (Ansorg Development GmbH, Berlin, entered formal liquidation December 2024 per North Data), and the Elbaz family (Royal Tulip Group, Thailand). Tulip Developments has no prior history of high-rise multi-family development in the United States. Source: Florida Division of Corporations, North Data, Bangkok Post.
The Live Local Act entitlement value is real and the Opportunity Zone designation provides genuine tax advantages for long-term institutional capital. The location commands strong Edgewater rental demand. However, the public record raises material questions: one partner's primary European entity entered formal liquidation in December 2024, and prior litigation history in Thailand involves an earlier Tulip Group development. Miami Real Group recommends independent legal due diligence addressing all five questions in this report before any capital commitment.
Florida's Live Local Act (Senate Bill 102) grants developers statutory height and density bonuses in exchange for dedicating a minimum of 40% of residential units to workforce housing capped at 120% of Area Median Income, currently approximately $86,800 to $104,160 for single-person households in Miami-Dade. At 3350 Biscayne, this designation expanded the project from 172 units and 36 stories to 499 units and 47 stories (536 feet) by-right. The 203 workforce units are required by statute to remain rentals for 30 years.
Karl-Ulrich Ansorg is the European development partner in the Tulip Developments consortium. North Data, the German corporate registry service, confirms that Ansorg Development GmbH (Amtsgericht Charlottenburg, HRB 149445 B) entered formal liquidation proceedings published on December 10, 2024. Any investor engaging the 3350 Biscayne LLC should require independent legal analysis of how this liquidation affects the capital stack, liquidity guarantees, and completion bond obligations under Florida law. Source: North Data, northdata.com.