Developer offers $1.5M for Florida City ‘Snakepit’

Miami /
May.May 15, 2013 01:00 PM

Blue Heaven Villas LLC is poised to buy 22 lots in a Florida City neighborhood dubbed the “Snakepit” because of the slithering creatures known to greet gas-meter readers there, the Miami Herald reported.

The developer, also involved in a separate redevelopment project in Florida City, plans to build 100 apartments on the site, where evidence of Hurricane Andrew’s devastation in 1992 can still be seen, the Herald said.

The city’s Community Redevelopment Agency bought the lots, totaling about 5.2 acres, for $1.35 million.

Blue Heaven outbid a competitor with a $1.5 million offer.

Principal George Howard took over a failed Florida City project in the same area, which he bought in foreclosure in 2010. There he plans to rehabilitate 24 existing homes and build 24 more, under the auspices of Tower View Town Homes LLC.

CRA director Richard Stauts is executing a purchase and sale agreement that allows Blue Heaven to defer paying for the parcels in full until the project moves past the construction phase into permanent financing, for an anticipated period of two years, the Herald reported.

At that time, Blue Heaven will be expected to pay the $1.25 million balance due on the parcels. If the project falls through, the parcels will revert to the CRA.

“Things take on a life based on what they’re called, and Blue Heaven Villas sounds a lot nicer to me than ‘Snakepit,’” Stauts told the newspaper. [Miami Herald]Emily Schmall


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...