What Is ASRR Capital Ltd. Planning For Edgewater Site?

ASRR Capital Ltd. Site in Red

In December 2015, 17th & Second Ave Properties Corp controlled by Enrique Manhard and Vivane Sasson de Manhard purchased almost a block of land in the Edgewater district from NE 2nd Ave and NE 2nd CT and between NE 17th Terrance and NE 18th St.

The site was then sold to ASRR Capital Ltd., led by Alex Sapir and Rotem Rosen in February 2016 for $33 million. Since the land was purchased, a church built in 1945 and a three story building built in 1924 have been demolished. 

The S&S Diner received an eviction notice and is supposed to be out of the building by today.

ASRR Capital Ltd. has not revealed what they plan to do with the site, but they partnered with investors CNMB International and G-Resources Group for a 67 percent interest in the project.

Across the street from the site, a Vib Hotel was planned on a 7.4 acre land and scheduled to break ground in 2015, but no activity has occurred on the land.

Update - S&S Diner is allowed to stay in business until the court decides if the their lease extension is valid.