Oleta Partners LLC Closes on Fifty-Five Acres in North Miami
The LeFraks and the Soffers secure fee title to a portion of the SoLē Mia parcel previously under lease from the City of North Miami
MIAMI, FL.- November 05, 2015 –Oleta Partners LLC, a partnership between LeFrak and Turnberry Associates, purchased from the City of North Miami fee title to fifty-five acres of the approximately 183-acre SoLē Mia development on October 30th. The purchase price for the parcels was approxamitely $22 million of which eighty percent was financed by the City of North Miami at the City’s request.
“We continue to work toward building a world-class mixed-use community within the City of North Miami. This is just another milestone in our efforts towards making SoLē Mia and North Miami prime destinations in South Florida,” stated Michael Tillman, president of Oleta Partners LLC.
Working closely with the City of North Miami, Oleta Partners LLC ensures that this long-term development will be a success for the region. The LeFraks and the Soffers intend to develop a premier master planned community that will dramatically reshape and revitalize the landscape while generating new jobs and considerable revenue dollars for the City of North Miami and its residents. The community will become a landmark destination and driving force for growth and progress in the area.
“The collaboration between the city of North Miami and Oleta Partners continues to expand our community,” stated city of North Miami Mayor, Dr. Smith Joseph. “SoLē Mia will continue to have a significant economic impact on the resurgence of our City.”
Oleta Partners LLC is currently building the infrastructure at SoLē Mia. The spine road which is well under construction will allow for navigation of the entire site from N.E. 143rd Street to N.E. 151st Street. SoLē Mia will be one of the largest integrated developments in the nation encompassing approximately 4,390 residences and more than one million square feet of commercial, retail and office space.
For more information please visit, www.SoLeMia.com.
About SoLē Mia Miami
Located in North Miami, SoLē Mia Miami is destined to become South Florida’s next iconic neighborhood. The premier, 183-acre master-planned community will rise on the largest remaining parcel of undeveloped land in South Florida east of Biscayne Boulevard. A welcoming place to live, work and play, the master-planned community will feature an educational center, attractive community parks, upscale
shopping and dining, and numerous world-class amenities. SoLē Mia Miami is designed to dramatically reshape and revitalize the landscape, transforming the area into an exciting destination for visitors and residents. A joint venture between Turnberry Associates and LeFrak, the partnership is committed to building a community that is both a landmark destination and a driving force for growth and progress.
LeFrak is a preeminent, family-owned property company committed to community development and long term ownership. Our principles, consistently applied, have strengthened and deepened the expertise that supports our real estate leadership. Beyond property, LeFrak investments are geographically diverse and span many business sectors. We have significant investments in securities, private businesses and energy. LeFrak regularly enhances its real estate and non-real estate asset base with opportunistic investments across the United States and around the globe.
LeFrak affiliates today own and manage an extensive portfolio of real property concentrated in the New York/New Jersey metropolitan area, as well as South Florida, Los Angeles and throughout the West Coast. Although we focus on the residential and office sectors, LeFrak affiliates also invest in numerous hospitality and retail assets. Through our affiliated companies, we have developed and built the majority of our own real estate portfolio to become one of the world’s leading property firms, leveraging our internal development and construction management capabilities. The LeFrak brand is synonymous with excellence in design, construction, engineering, and urban planning, and our firm is acclaimed around the globe for the quality of its projects and its properties, its financial strength and conservatism, its entrepreneurial business model and its commitment to long term ownership.
About Turnberry Associates:
Turnberry Associates is one of America's premier real estate development and property management companies. Founded more than 50 years ago, the company’s diverse projects have revolutionized the living, working, leisure and shopping habits of millions of people across the country.
Turnberry Associates has to its credit the development of more than $8 billion in commercial and residential property including approximately 20 million square feet of retail space, more than 7,000 apartments and condominium units, 1.5 million square feet of class “A” office space and in excess of 3,000 hotel and resort rooms. The company's diverse residential, hospitality, retail and commercial projects have received accolades for revolutionizing the living, working, leisure and shopping habits of millions of people across the country. From Turnberry Ocean Colony, Porto Vita, Aventura Mall, Turnberry Ocean Club, Fontainebleau Hotel in Miami Beach and Turnberry Isle Resort in Aventura to signature properties in Las Vegas, Washington D.C. and the Bahamas, Turnberry Associates is known for superb quality and impeccable service.
About North Miami, Florida
North Miami, Florida (pop. 60,000+) is a diverse community, located midway between Miami and Fort Lauderdale. As the sixth largest city of Miami-Dade County, North Miami is committed to growth in its business community, while also focusing on issues such as education, the arts, leisure activities, and sustainability to provide a viable future for its residents and to preserve the City’s rich history since incorporating in 1926