Developers close on Edgewater land, plan new project

Miami /
Dec.December 15, 2015 03:45 PM

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.


Related Articles

arrow_forward_ios
Vivian Dimond with Bay Park Towers (Elliman)
Developers rush in: Vivian Dimond-led group offers $150M for older bayfront Miami condo building
Developers rush in: Vivian Dimond-led group offers $150M for older bayfront Miami condo building
Aimco CEO Wes Powell and Laurent Morali, Charlie Kushner and Nicole Kushner Meyer of Kusher (LinkedIn via Powell, Kushner, Luarent Morali)
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
New York developers buy Edgewater assemblage for boutique high-rise
New York developers buy Edgewater assemblage for boutique high-rise
New York developers buy Edgewater assemblage for boutique high-rise
Bay Park at 3301 Northeast Fifth Avenue (Google Maps)
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
A rendering of the project and Nicole Kushner Meyer (Kushner)
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
Jose Luis, Martin and Carlos Melo with renderings of Aria Reserve (Melo Group)
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
arrow_forward_ios

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

Loading...