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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 announced. 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, http://www.bayrockgroup.com/, 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 DATASOURCE: Bayrock Group LLC CONTACT: Michelle Manoff of Rubenstein PR, +1-212-843-8051, ; or Julius Schwarz of Bayrock Group LLC, +1-212-207-6650, Web site: http://www.bayrockgroup.com/

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