UPDATED Dec. 15 4:58 p.m. Stripey Development just closed on a $4.7 million land deal in Miami, where the firm is planning its newest condo project: 27 Edgewater.
The sale includes three parcels in the 2700 block of Northeast Second Avenue, agent Alfonso Jaramillo of Fortune International Realty told The Real Deal.
Stripey paid about $149 per square foot for the 0.72-acre assemblage. The land is currently leased out to Soccer Town, a sports complex with three regulation-sized soccer fields. Jaramillo, who represented Stripey for the deal, said Soccer Town will move out within the next few months.
The Miami-based developer is in the initial stages of planning an 18-story mixed-use tower for the site. It would include ground-floor retail, several stories of office space and up to 12 stories of condos.
Jaramillo said a sales trailer is already set up across the street, and Stripey expects to submit building plans for review in early 2016. Alejandro Goldemberg, Stripey’s founder and CEO, told TRD that the firm hopes to launch sales in January.
The total deal works out to $6 million, Goldemberg said: the extra $1.3 million comes from buying out Soccer Town’s lease. Stripey is also developing 26 Edgewater, a nearby condo project that broke ground in June.
“[Edgewater 27] is bigger, but it’s the same concept,” Goldemberg said. “It’s focusing on the demand of the middle-class that are moving heavily to this area.”
The Soccer Town land was owned for 11 years by a company called R & L Development. Corporate records show the company is managed by Alberto Rodriguez and Andrew H. Jacobus, both of whom have addresses in Miami.
R & L paid $2.23 million for the assemblage in 2004, according to records. That’s only $70 per square foot. The parcel’s exact addresses are 2728 Northeast Second Avenue, 166 Northeast 28th Street and 169 Northeast 27th Street in Miami.