Bayrock Group Increases Stake in Midtown Miami Mixed-Use Development

Jul 27, 2007, 01:00 ET from Bayrock Group LLC

    NEW YORK and MIAMI, July 27 /PRNewswire-FirstCall/ -- Bayrock Group has
 increased its stake in Midtown Miami, the four million square foot
 mixed-use project under development in the city of Miami, the firm
     Bayrock purchased the partnership interest in the project of Samuel
 Development, the firm said. The purchase price was not disclosed. Midtown
 Miami now is being developed by a joint venture of Bayrock and Midtown
 Equities, headed by principal Joe Cayre.
     Midtown Miami will create a vibrant metropolis offering complete
 amenities and a colorful urban lifestyle in the heart of Miami. The project
 spans 56 acres in the Buena Vista area, bounded by NE 29th Street and NE
 36th Street. Midtown Miami is located adjacent to downtown and Miami's
 famed arts and design district, just across town from the beach and near
 major highways. When completed, Midtown Miami will offer approximately
 3,000 residential units in nine buildings, 1.2 million square feet of
 retail space and 400,000 square feet of commercial space.
     Midtown Miami residents will enjoy a lively new neighborhood, strolling
 city sidewalks lined with shops, restaurants, residential buildings, a
 hotel, town square, boutiques, newsstands and green spaces. Pocket parks
 will dot the landscape, providing shady, inviting spaces to linger.
     "We felt the timing was appropriate to increase our interest in this
 exciting project that will transform Miami," said Julius Schwarz, Bayrock
 executive vice president. "With residences, stores and other amenities,
 Midtown Miami will be its own city within a city."
     As part of Midtown Miami, Developers Diversified Retail Corp. (NYSE:  
 DDR), an owner and manager of shopping centers, has developed a
 660,000-square-foot retail mall on the western end of the project. The
 center is leased with major chain stores including Target, PetSmart and
 Circuit City.
     Bayrock Group LLC
     Bayrock Group LLC,, is an international real
 estate investment and development company, specializing in luxury
 residential, commercial, resort, hotel, and mixed-use projects. In the
 United States, Bayrock is currently developing projects in New York,
 Florida and Arizona. Through its affiliate Rixos, Bayrock also owns and
 manages six luxury resorts on the Mediterranean Sea and throughout Europe.
     Contact: Michelle Manoff                Julius Schwarz
              Rubenstein PR                  Bayrock Group LLC
              212-843-8051                   212-2076650

SOURCE Bayrock Group LLC