An affiliate of the Rivergate Companies just paid $10.23 million for a piece of vacant land in North Miami Beach.
The land measures roughly 2.57 acres and is located at 2145 Northeast 164th Street, directly next to West Dixie Highway.
An aerial view of the 2.57 acres in North Miami Beach
It was sold by Aventura Property Holdings, a Miami company managed by attorney Timothy D. Richards. The company took control of the property last year after the previous ownership foreclosed on a $4.9 million mortgage, according to Miami-Dade County property records.
The property was formerly a Winn-Dixie shopping center, but it was demolished within the last 12 months.
Documents submitted to the city of North Miami Beach show Aventura Property Holdings had submitted plans, prepared by Arquitectonica, in October to build a mixed-use project there with 349 residential units, nearly 11,000-square-feet of retail on the ground floor and a parking garage with 574 spaces.
Rivergate Companies is headed by founder Jay Massirman, whose firm is also part of the Miami City Self Storage joint-venture that plans to build 1 million square feet of storage space in South Florida.
The company typically develops multifamily projects and limited-service hotels with partnerships, according to its website.