Shahab Karmely of Kar Properties and Alex von Furstenberg have purchased property at 131 NW South River Drive along the Miami River, according to The Real Deal.
The property was purchased for $5.4 million with plans to turn it into restaurant with event and entertainment space.
Karmely is also developing One River Point along the Miami River across from Brickell, which will be two 928 foot towers.
The Miami River has been very active lately with the construction of a Sushi Samba, the proposed Edge on Brickell, the approved Riverside Wharf, Chetrit Group's Miami River complex and even the re-lighting of Rockne Kreb's "The Miami Line."
The new restaurant on the site will open by the end of the year.