With One River Point, developer Shahab Karmely is betting big on one of Miami’s most historic neighborhoods, but that’s not the only place he’s upping the ante on real estate.
Shahab Karmely is one to put his money where his mouth is. Quick to say he loves Miami and believes in its future, the CEO of KAR Properties has backed those words by investing more than $150 million, buying up land in the Magic City in the last couple of years. Today, he wishes he would have acquired more.
“I’ve been exposed to a lot of international markets, and there’s just something special about Miami,” says the developer, who’s overseen projects all over the United States, Europe and Asia. “I come down and find myself wanting to be here again two weeks later.”
It was during a vacation with his wife and children in 2012 that Karmely became so charmed by Miami and its potential that he stayed behind when his family returned home to New York City.
Why did he stay? To check for areas of potential development, of course.
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