Miami Beach investor Michael Simkins purchased 10 properties totaling more than one acre in Miami’s Overtown neighborhood for about $3.6 million.
The land acquired by Lion Folk Life Village, a company tied to Simkins, is located just north of the future site of All Aboard Florida’s downtown Miami station. Nine of the 10 parcels are vacant, according to the Daily Business Review. A small apartment building is located on the other property.
A nonprofit, The Collins Center, sold the properties to Lion Folk.
Lion Folk’s per square foot purchase price of $58 reflects rising property values in a blighted area with scant land investment in recent years. Three properties adjacent to Lion Folk’s site sold for about $30 per square foot in 2012.