A 38-acre parcel of land in Florida City has sold for $6.735 million to John Brunetti, the owner of the massive casino and horse racing track in Hialeah.
NCG Florida City, an affiliate of Spanish bank NCG Banco, sold the development site, at 345 East Palm Drive. Avison Young’s Jay A. Ziv and Michael T. Fay represented the seller, according to a press release. The Florida City land is currently used as the Southern Comfort RV Resort, which includes a pool, cabin area and tiki bar.
Margarita Sanchez Lloria, Dionisio Fernandez-Nespral, Javier Fernandez-Perez and Xavier Perez of Key Biscayne are listed on the seller’s corporate filings.
The Spanish bank affiliate bought the property, which offers more than 1,300 feet of frontage on East Palm Drive, in 2009 out of foreclosure for $10.37 million, according to Miami-Dade County records. It’s near the Florida Turnpike, across the street from the Florida Keys Outlet Center, which Simon Property Group owns. The open-air mall has 50 stores, including a Nike Clearance, Tommy Hilfiger and Guess Factory Store.
“This investment opportunity was highly favorable to buyers due to its desirable infill location coupled with its high potential for development of a structure” that will benefit from nearby traffic, Ziv said in a statement.
The buyer announced earlier this year his plans to build a hotel on the Hialeah Park land, as well as a shopping mall. Brunetti has owned Hialeah Park, a 220-acre development, since 1977.
In October, a 25-acre development site near Homestead and Florida City sold for $6.5 million to a company tied to Peter Pessoa. – Katherine Kallergis