Gridline Properties Brokers Development Sale For Planned Live Local Act Project In Miami

Gridline Properties, a full-service commercial real estate firm based in Miami, has successfully brokered both sides of the $3.8 million saleof a 35,966-square-foot site located at 5401 NW Seventh Ave. in Model City.

Principal and broker Alfredo Riascos represented the seller, BCS Capital Group, a commercial real estate investment and development firm, while senior associate Ben Hoffman represented the buyer, NEXT Development Group, a workforce housing developer.

NEXT plans to build Principio, a Live Local projectthat will feature 142 units, 215,256 square feet of gross buildable area, and ground-floor retail space. The development will be the first of its kind to break ground in the neighborhood.

The property is situated on a corner lot at the high-traffic intersection of 54^th Street and N.W. Seventh Avenue, minutes from Wynwood, Downtown Miami, the Design District and Midtown, making it an ideal location for workforce housing.

“It has been a pleasure collaborating with all parties involved in this successful transaction,” said Robert Cannon, partner at BCS Capital Group. We are proud to have contributed to a project that will provide much needed workforce housing and positively impact the community.”

The proposed 8-story development plans to include 142 units, including one, two and three-bedroom apartments ranging in size from 630 to 1,198 square feet, 40% of which will be designated as workforce housing. The project also includes over 3,500 square feet of ground floor retail space, a clubroom, fitness center, coworking space, playground and an outdoor kitchen and lounge area. Principio is a joint venture between NEXT Development Group, and Tacolcy Economic Development Corporation (TEDc), a Florida-based non-profit Community Development Corporation (CDC). The project has received site plan approval from the City of Miami as well as the Urban Development Review Board.

“We’re excited to play a role in Model City’s growth and bring much needed workforce housing to the area,” said Jennifer Sanz, principal of NEXT Development Group. “We appreciate Gridline Properties’ professionalism throughout this transaction and look forward to advancing Principio as a catalyst for positive change in the neighborhood.”

 

“By bringing workforce housing to Model City, we are building stronger communities for everyone,” said Carol Gardner, President of TEDc.

The development will continue to uplift the Model City communities by providing new affordable housing options to residents employed in nearby neighborhoods.

 

“This transaction marks the first Live Local development in the neighborhood and we are proud to have facilitated the sale. We look forward to welcoming additional development projects to the area and witnessing the neighborhood’s continued evolution,” said Riascos.