Rare Edgewater Assemblage Trades For $17M As Similar Sites Disappear
The sale equates to roughly $281 per square foot of land.
The sale equates to roughly $281 per square foot of land.
A proposed redevelopment near Opa-locka City Hall could bring housing, retail, hospitality, education and community services to six publicly owned parcels, marking a major investment in the city’s downtown core. The overall development has been valued at approximately $532 million.
The site was acquired from Two Roads Development and Newgard Development Group.
The financing is reportedly the largest HUD loan issued in Florida, as well as the largest multifamily loan approved by HUD’s Southeast regional office and the biggest HUD transaction completed by Dwight Capital.
JLL represented the borrower in securing the three-year loan through S3 Capital.
At approximately $90,000 per unit, the site’s per-unit pricing is the highest ever paid for a South Miami development site.
The property is currently improved with the Aventura Offices and Medical Center, a two-story office and medical office building totaling about 37,000 square feet.
To qualify, investors must invest $800,000 in capital from a lawful source of funds into the project.
The two-story property sold for $510 per square foot.
With sales led by Key International and ONE Sotheby’s International Realty, the building is expected to commence construction within the next 12 months.
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