Fisher Island Redevelopment: HRP Group Buys $180M Fuel Depot

Fisher Island Redevelopment Deal Finalized

The latest Fisher Island redevelopment milestone comes as HRP Group, a Chicago-based real estate firm, secures a 9.6-acre site for $180 million. The land, located at 1 Fisher Island Drive, is currently a fuel depot owned by TransMontaigne Partners.

This acquisition marks the final opportunity for large-scale development on the ultra-exclusive island. However, the site will require environmental cleanup before new construction begins.

HRP Group’s Role and Experience

HRP Group, a subsidiary of Hilco Global, confirmed it is under contract to purchase the Fisher Island site. The firm is led by CEO Roberto Perez and specializes in redeveloping contaminated and obsolete industrial properties.

One of its flagship projects is The Bellwether District in Philadelphia, where HRP is transforming a former refinery into a 15-million-square-foot industrial and life sciences hub. Learn more about the Bellwether District.

Timeline and Deal Terms

At a July Fisher Island Club meeting, board chair David Chene announced that the deal will close on September 30. He emphasized HRP’s expertise, stating the firm “knows how to remediate industrial dirty sites.”

Under the terms, HRP must lease the property back to TransMontaigne until at least 2027, allowing the company to meet existing fuel storage contracts.

Fisher Island Redevelopment in Context

This is not the only recent Fisher Island redevelopment. In 2022, Related Group, BH Group, Teddy Sagi, and Wanxiang America RE Group acquired a 6.5-acre site for $122.6 million. The joint venture is developing Six Fisher Island, a boutique condominium project featuring 50 ultra-luxury residences priced from $30 million. Read about Related Group’s developments.

For more on Miami luxury condo projects, see our coverage of the Ritz-Carlton Residences Lincoln Road streetscape upgrade.

Outlook for Miami’s Most Exclusive Island

If the Fisher Island redevelopment deal closes as expected, HRP will control the last major land parcel available on the island. With environmental remediation in its expertise, the firm is well-positioned to transform the fuel depot into luxury housing or a mixed-use development.

This move underscores how Fisher Island redevelopment is reshaping Miami’s most exclusive enclave, where new projects continue to set record prices.

Explore more about Fisher Island on Miami Beach’s official page.

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