The Real Deal Miami

Oleta pays $20M for 50 acres at Biscayne Landing

City to get 2% from condo sales
October 31, 2014 04:00PM

Michael Tillman of Oleta Partners

Michael Tillman of Oleta Partners

Developer Oleta Partners prevailed in a bid Tuesday to acquire 50 additional acres of bayfront property on a site in North Miami for $20 million.

Oleta succeeded after two weeks of negotiations with the city council for part of its Biscayne Landing property at Biscayne Boulevard and Northeast 151st Street, according to a report in the Miami Herald. The deal involves the removal of contaminated soil from a former landfill at the site.

In addition to the $20 million purchase price, the city will receive 2 percent from the sale of the condo units on the site, bringing in an estimated $35 million in revenue over the next 10 to 15 years, the article said.

Michael Tillman, president of Oleta Partners, said, “Once completed, the Biscayne Landing project will not only reshape the city of North Miami, but it will generate thousands of new jobs.”

In July, Oleta Partners started construction of the first phase of the mixed-use project on the site. [Miami Herald] – Jennifer White Karp