City of North Miami sells 55 acres to SoLē Mia for $22M

City of North Miami sells 55 acres to SoLē Mia for $22M

The developers behind the 184-acre, $4 billion SoLē Mia have closed on 55 acres from the city of North Miami for the residential component of the project.

Oleta Partners LLC, a partnership between LeFrak and Turnberry Associates, paid $22 million for the 55 acres, or $9.20 a square foot. Eighty percent, or $16 million, was financed by the city of North Miami at the city’s request, according to a press release.

“SoLē Mia will continue to have a significant economic impact on the resurgence of our city,” city of North Miami Mayor Smith Joseph said in the release.

Developers are building the infrastructure for the master-planned community, which is on the site of a former landfill, Biscayne Landing. The site, at 15045 Biscayne Landing Boulevard, languished for many years after an attempt to develop the site fell apart early last decade.

The Soffer, LeFrak joint venture, announced in March, will include 12 residential buildings, 4,390 residential units, more than 1 million square feet of commercial space, 37 acres of parks, two swimmable lagoons, and 4,171 parking spaces.

In 2005, developer Michael Swerdlow sold his stake of a ground lease in the mixed-use project to Boca Developers. The company was not able to get the project started before the real estate and financial markets collapsed. Swerdlow helped revive the development in 2012, forming a partnership with LeFrak to build the master-planned project over a 16-year span.

SoLē Mia is slated for completion in 2018. -

source: http://therealdeal.com

For press inquiries

Susan Ainsworth.
susan@ainsworthassociates.net
t.+1.212.228.4325