The Prive team began combing the market to identify an opportunity that allowed them to amass an undeveloped area by acquiring smaller parcels. Through their research, they identified a single 6,050 square foot lot that was owned by a Chinese bank through a recent foreclosure. The Prive team began their efforts to assemble land around it, consequently knowing that each piece added would compound the potential of what could be done and heighten the value of the overall parcel. Amassing this position would be no easy task, as each parcel was owned by a different individual. Over a period of nearly 2 years, Prive strategically acquired 12 individual parcels, amassing 1.71 acres east of Biscayne Boulevard between 24th and 25th street. With the combination of these parcels, Prive has created position yielding entitlements to build up to 260 residential units, 520 rooms of hotel, 1.35 million square feet of commercial, or various combinations of either. Market conditions were in Prive’s favor when they initiated their acquisition plan, as the general market was still shrouded in recessionary concerns. However, Prive was well aware that behind the scenes private equity groups and wealthy all cash buyers from all over Latin America, Europe, and Russia were rapidly swallowing up the post cycle condo glut. News began to circulate that what was considered to be a ten-year supply of condo inventory had been consumed faster than anyone expected. Fueling investor interest was the overwhelming demand for rentals from displaced homeowners and young professionals in the area. South Florida became a safe haven for cash as the once empty condos became home to more people every day. Neighborhoods all over South Florida’s came to life, especially in the greater downtown Miami area. In just 30 months, the inventory of unsold condos had fallen to a meager 6-month supply. In East Edgewater and the surrounding areas of Midtown, Wynwood and the Design District, new retail shops and restaurants were opening every day.