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Longpoint Buys Shuttered Trailer Park In Allapattah

Industrial land is so scarce, a Boston-based developer picked up a former mobile home park in Miami’s Allapattah neighborhood for potential redevelopment.

An affiliate of Longpoint Realty Partners paid $16 million for a nearly 6-acre site at 2260 Northwest 27th Avenue, according to records. Formerly the River Park Trailer Court mobile home park, the property is near the Miami River and Miami International Airport.

Deme Mekras with MSP Group represented the seller, an entity with ties to North Miami real estate investor Israel Kopel. In 2009, The Kopel entity paid $2 million for the mobile home park that was completed in 1975, records show. Four remaining mobile home residents were evicted in June, court records show.

The property sold just below its asking price of $16.5 million, Mekras said. Longpoint did not respond to a request for comment, but Mekras said zoning allows the buyer to redevelop River Park into an industrial project.

In addition to the site’s size, River Park’s proximity to the airport, PortMiami and easy highway access made the property an attractive purchase for Longpoint, which specializes in the industrial sector, Mekras said.

Miami-Dade’s industrial sector is experiencing a land crunch, as inventory of developable land for new warehouses is diminishing across the county. A 2022 Commercial Industrial Association of South Florida (CIASF) outlook from earlier this year shows Miami-Dade has 1,300 acres left for potential industrial development that could run out in eight years.

As a result, warehouse builders are targeting potential redevelopment sites in Allapattah, Medley and other submarkets near the Airport West sector.

 

Source:  The Real Deal

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Miami-Dade Seeks Partners For Allapattah Redevelopment

Miami commissioners plan to issue an RFP for the city’s General Services Administration site at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue in Allapattah.

The July decision to issue an RFP for that site came after Miami-based NR Investments made an unsolicited proposal to develop a mixed-use complex there with a hotel, offices, retail and multifamily, with some workforce housing. Upon accepting that plan, commissioners had to allow other developers to submit their own proposals for the site.

Miami-Dade is also calling on developers to overhaul the county’s Government Center headquarters in what could be one of South Florida’s biggest public-private ventures.

The county is seeking proposals for the 17-acre site, which includes the commissioners’ chambers and county administrative offices at 111 Northwest First Street. The property has 1.1 million square feet of government buildings, public parking and some retail, according to a request for proposals issued Tuesday.

The RFP allows for the construction of between 17 million and 23 million square feet of real estate. That does not include the government buildings, but the solicitation leaves the door open for some of those to be rebuilt.

Miami-Dade has given broad guidelines for its vision for the site, though it has emphasized the need for mixed-income housing by calling for high-rises to include both affordable and workforce housing. The RFP allows for a mix of uses such as hospitality, retail and educational facilities.

The county has set some thresholds for its own facilities, likely in case developers propose replacing the existing government buildings.

It wants to ensure that there will be 36,000 square feet for commissioners’ offices and conference rooms; 7,300 square feet for the chambers; 60,000 square feet of offices for the parks department’s headquarters; a cultural campus where HistoryMiami Museum and the existing downtown library will be included; a day care; 45,000 square feet for recreation and wellness space; and 2,000 county-operated public parking spaces, according to the RFP.

The development site is connected to Government Center station, one of Miami’s main transportation hubs where the Metrorail, Metromover and county buses stop. As such, the RFP calls for an intermodal terminal that connects to the station. The site is also walking distance from Brightline’s MiamiCentral station.

On a preliminary basis, the county is eyeing a 99-year agreement with the developer that submits the winning proposal.

The entire site spans 11 properties, including the Hickman office building at 275 Northwest Second Street; a portion of the Cultural Plaza, which includes HistoryMiami, at 20 Northwest First Avenue; the parking lot at the Children’s Courthouse at 155 Northwest Third Street; and county fleet parking locations at 120 and 150 Northwest Second Avenue.

Government Center, which actually spans 28 acres, includes three properties that were carved out from the RFP. They are the old, historically designated civil courthouse at 73 West Flagler Street; the site where the new courthouse is being developed at 101 West Flagler Street; and the North River Towers at 395 Northwest First Street and 24 Northwest North River Drive, which is subject to a separate county RFP.

 

Source:  The Real Deal

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NR Investments Files Proposal To Build Mixed-Use Complex In Allapattah

NR Investments wants to develop a massive mixed-use complex on Miami’s General Services Administration site in Allapattah.

Ron Gottesmann and Nir Shoshani’s development company filed a proposal for a 99-year lease and redevelopment of the city-owned 18-acre property at 1970 Northwest 13th Avenue and 1950 Northwest 12th Avenue, according to the application. The property is just south of the Santa Clara Metrorail station.

NR Investments wants to build 2,500 apartments; 300 hotel keys; 200,000 square feet of office space; and 100,000 square feet of retail, the plans show. As part of the multifamily portion, 500 units will be workforce housing for households earning from 100 percent to 140 percent of the area median income. The proposal calls for roughly 5 acres of open public greenspace.

The application does not specify the heights of the buildings, but does say the project won’t require changes to the site’s existing zoning. Currently, towers of up to 30 stories, or buildings with eight stories for podiums and 22 stories for the main portion of the towers, are allowed.

NR Investments’ submitted the application in late May as an unsolicited proposal for the public property, meaning the city has to allow other developers the opportunity to file redevelopment plans.

On Thursday, Miami commissioners unanimously voted to accept NR’s application, a symbolic decision showing they are not rejecting it, and agreed to issue formal requests for proposals. The official RFP will be issued in 45 days and allow another 45 days for applications submittals.

NR’s project envisions various public spaces, such as a “study house” for after-school, continuing education and job-training programs, as well as a community market with a stage for public events, and a promenade with food and retail stands, the application shows. The redevelopment also would breathe life into the Santa Clara station, which NR said has the lowest ridership out of all Metrorail stops.

The 5 acres of public parks will include a dog park, community gardens and possibly an urban farm.

DPZ CoDesign is the project’s architect.

NR proposes rental payments to the city that would add up to $1.5 billion for the land lease over the 99 years, the filed materials show.

The Miami GSA site currently is used for city services such as printing, and for the storage of trucks. It also has a fire rescue station on the northeast corner of the site. Under NR’s plan, the station would be moved elsewhere along Northwest 20th Street.

Among the issues commissioners discussed is that the GSA site is one of several locations designated for the creation of public park space to make up for the greenspace that will be lost by the development of Miami Freedom Park soccer stadium. Under city rules, a developer that builds over park space has to recreate it elsewhere.

NR’s proposal calls for slightly less than the 6.8-acre greenspace that must be recreated on the site to make up for what is lost from the Miami Freedom Park project.

Overall, this is something that can be fixed as the redevelopment plans move forward, some of the commissioners said.

“I don’t think that at this moment we need to determine down to the inch,” said commission chair Christine King.

Miami-based NR is among the firms that redeveloped the city’s Arts & Entertainment District. Its projects there include the 38-story Canvas condominium at 1630 Northeast First Avenue, and Filling Station Lofts, an 81-unit rental building at 1657 North Miami Avenue.

This year, NR started building the 29-story Uni Tower with 252 workforce and affordable rental units at 1642 Northeast First Avenue.

 

Source:  The Real Deal

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8-Story Building Proposed In Allapattah

A developer has proposed an 8-story self-storage facility in the Allapattah neighborhood of Miami.

The city’s Urban Development Review Board on Wednesday will consider plans for the 16,706-square-foot site at 760 N.W. 21st St. Mlab International LLC, managed by Ricardo Ordonez and Luis Farjardo in Miami, purchased the property for $875,000 in 2020. It previously had an automotive business.

Farardo said he is the developer and will handle construction, while Ordonez is his partner. He said Public Storage will manage the facility.

The building would total 103,819 square feet, with 2,138 square feet of ground-floor retail and the rest of the space for self-storage. There would be 12 parking spaces.

Blitstein Design Architects in Coral Gables designed the project. Marin Mitrasinovic of Canada was hired to create a mural on two sides of the building.

The occupancy of self-storage facilities in the area is 98% and rental rates continue increasing, Farardo said.

“As more and more multifamily projects are delivered in Wynwood and Allapattah, demand grows,” he said. “Additionally, many residential units delivered are smaller in size, including several micro units.”

Many experts say Florida is among the top markets in the nation for self-storage.

According to RentCafe, there was 4 million square feet of self-storage space set to come online in South Florida in 2022, a 30% increase over deliveries in 2021. That compares to 40 million square feet of existing self-storage space. Rents have surged 17% over the past 12 months with an average cost of $168 for a 10-by-10-foot unit.

South Florida has the fifth-most self-storage construction in the nation.

 

Source:  SFBJ

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Moishe Mana Pays $16M For Commercial Assemblage In Allapattah

Moishe Mana fattened up his Allapattah portfolio with a $16 million acquisition of properties.

An entity controlled by Mana, one of the largest landowners in Allapattah, Wynwood and downtown Miami, acquired 10 properties along Northwest Seventh Avenue between 28th and 29th streets, according to property records.

The parcels include Las Rosas bar and lounge at 2898 Northwest Seventh Avenue, four retail buildings at 2800, 2820, 2840 and 2850 Northwest Seventh Avenue and a former grocery market at 728 Northwest 29th Street. The four other properties are a single-family house at 731 Northwest 28th Street, a single-story warehouse at 753 Northwest Seventh Avenue and parking lots at 719 Northwest 28th Street and 2810 Northwest 7th Avenue.

The seller, two entities managed by Ari Dispenza, James Quinlan, and Douglas H. Levine, paid about $4.1 million for the properties between 2014 and 2016, records show. The buildings were constructed between 1925 and 1974.

 

Source:  The Real Deal

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Truck Sales Lot With Potential For 400 Rental Units Sold In Allapattah Neighborhood

A truck sales lot in the Allapattah neighborhood is slated for redevelopment after it was sold for $9 million.

Land Trust Service Corp. No 2479-36, of Lake Wales, sold the 3.08-acre site at 2479 N.W. 36th St. to Bindi Investments LLC, managed by Copag Registered Agents in Miami. Cesar Carasa of One Stop Realty represented the seller in the deal.

The property last traded in 2016, when it was seized following a foreclosure lawsuit. It operated as a truck and heavy equipment dealership.

Carasa said the property is certainly headed for redevelopment under the new ownership. The T6-8-O zoning permits eight stories and 140 units per acre, so there could be over 400 units on the site. He noted it’s four blocks west of the Earlington Heights Metrorail Station, so a developer could petition for a parking space reduction to encourage mass transit ridership.

“It will probably be developed with rental units,” Carasa said. “Land like this would cost $20 million or $30 million in Brickell. This is great for people who can’t rent in Brickell. They will come to this area because the rent is a little lower.”

 

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Rubells Expand Allapattah Art Space With $11M Industrial Building Purchase

SVN Commercial Realty completed the sale of 1090 NW 23rd Street in Miami, a 45,711-square-foot free-standing industrial property located on 1.49 acres in Allapattah to 1090 NW 23 Associates II, LLC, an entity managed by Jason Rubell and Mera Rubell, for $10.7 million.

Joel A. Kattan, SIOR and Anthony Peragine with SVN Commercial Realty represented the seller, Carrera Family Investments, Inc, and were the only brokers involved in the transaction.

The property was the former headquarters of the family-owned and operated Rex Discount which has since moved its operations to a 122,000-square-foot facility located at 3690 NW 62nd Street in Miami. Kattan and Peragine also represented the Carrera Family in that purchase in February of 2021.

“It has been an absolute honor to represent our clients in this sale, which is our fourth completed transaction with the Carrera family,” said Kattan. “We look forward to continuing our relationship with them. The property is located in the Allapattah submarket of Miami where explosive growth is taking place and it’s next door to the Rubell Museum, making the Rubell family the ideal buyers.”

 

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Looming Tax Break Deadline Is Spurring Last-Minute South Florida Real Estate Deals

Time is running out for investors in South Florida seeking a tax break by investing in opportunity zones, which allows for investments in lower-income areas to have tax advantages.

The rush is fueling deals as the population continues to grow due to continued migration to South Florida. Developers hope to get deferred taxable gains on projects such as new hotels, branded residential properties and more.

Dec. 31 is the deadline for individual investors seeking qualified opportunity zone investments to help defer taxable gains. Tax benefits in the program include a 10% basis step-up and related gain exclusion. If investors take advantage of the opportunity, they can defer paying capital gains on their investment until Dec. 31, 2026.

Besides the temporary deferral, other advantages include the exclusion of taxable income on new gains on investments held for 10 years or more, and a 10% increase in the investment if the qualified opportunity fund is retained for five years and a 15% increase if the investment is held for seven years.

After the December 31 deadline, the investors have until June 30, 2022, to invest the funds in businesses located in an opportunity zone to comply with the regulations.  If they’re not, there’s a small penalty regarding the interest cost.

There are about 8,700 opportunity zones in the country with 123 opportunity zones in South Florida. Miami-Dade has 67, Broward has 30, and Palm Beach County has 26.

 

Click here to read more about this story.

 

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Julia Apartments Break Ground In Allapattah

Neology Life, led by developer Lissette Calderon, broke ground on an apartment complex in the Allapattah neighborhood of Miami after obtaining a $78.2 million construction loan.

The Julia Apartments, named for Miami founder Julia Tuttle, will have 323 units. Construction on the 12-story building at 1625 N.W. 20th St. is expected to be completed by mid-2023.

Units in the Julia will range from 586 to 892 square feet. Amenities will include a pool with cabanas, a rooftop garden, a fitness center, a coffee bar, and a dog park.

Trez Capital provided the mortgage to TCG Allapattah, an affiliate of Neology Life, for the 1.7-acre lot.

“When we evaluate lending opportunities, we focus on the needs of a community and the track record of the developer,” said Ben Jacobson, a managing director at Trez Capital. “Partnering with Lissette and understanding her vision, we think Allapattah is perfectly positioned to attract nearby working professionals and families who desire a certain level of luxury living but are priced out of places like Brickell, downtown and Wynwood.”

 

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Moishe Mana Adds To His Allapattah Holdings, Plans E-Commerce Logistics Center

Mana paid $6.2 million for a development site at 634 Northwest 22nd Street in Allapattah, where he could build an e-commerce logistics center.

Mana, downtown Miami’s biggest private landowner and a major investor in nearby Wynwood, purchased the property as he sells off his assets around the world, according to a statement provided by his firm, Mana Common. He is using the funds to invest in Miami, the statement says.

The Allapattah purchase, a roughly 1.4-acre assemblage, has been in the works for nearly two years, including a period in which it fell apart during the pandemic, said listing broker Carlos Fausto Miranda of Fausto Commercial.

An eight-story building with signage fronting I-95 can be built on the industrial site.

Property records show a company led by Javier Lumbreras, a Spanish financier and arts collector, sold the assemblage.

In Allapattah, Mana’s holdings include the former McArthur Dairy site at 2451 Northwest Seventh Avenue. The site is zoned T6-8-0, which allows for 150 units per acre.

 

Source:  The Real Deal

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