Property owners in Miami’s Little River join forces to sell their assemblage

Posted :
February 27, 2021
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Property owners in Miami’s Little River join forces to sell their assemblage

Posted:

February 27th

As reported in The Real Deal.

A group of property owners in Miami’s Little River neighborhood are banding together to sell their assemblage, where a mixed-use project with nearly 400 units could be built.

The 2-acre assemblage, at 421 Northeast 82nd Street, includes 59 apartment units in eight buildings. The unpriced, could trade be between $18 million and $20 million.

Under T-6-8-O Miami 21 zoning, the Little River site could be developed into a 12-story building with 388 units and 55,000 square feet of commercial space with bonuses, according to a press release. Without bonuses, a developer could build up to eight stories tall and 310 units.

The property is north of 79th Street and Little Haiti, and west of the MiMo District, near a planned Brightline train station. The site, less than 100 feet from the planned station, is a transit-oriented development designation, which reduces the parking requirements for a developer, according to the release.

Property records show 421 82 ST LLC, led by Shulamit Stock; 82nd Apartments LP, tied to Gul Jacobi of Jacobi Capital Investment; and 439 NE 82nd Street LLC and 505 NE 82nd Street LLC, both led by Harvey E. Cohen, own the parcels.

Leasing activity in Little River has been increasing in recent months, brokers say.

Last year, the office and retail property Rail 71 was relisted for $32 million.

Nearby in Little Haiti, developers, including Plaza Equity Partners and Tony Cho, are planning the Magic City Innovation District, an 18-acre, $1 billion phased project at Northeast 62nd Street and Fourth Avenue.

In November, the Miami-Dade County Commission authorized further discussions with Brightline and Florida East Coast Railway to create a commuter rail with stations in Little River, Wynwood, the Design District and elsewhere throughout the county. Brightline identified an El Portal/Little River station at 79th Street in December, according to the Next Miami.