Texas developer buys Midtown 29 site for $19M

Miami /
Dec.December 17, 2015 01:30 PM

A partnership between Fifteen Group, Adler Development and Encore Housing Opportunity Fund sold a 2-acre development site near Miami’s Midtown neighborhood, records show.

An affiliate of the Houston, Texas-based Morgan Group paid $19.1 million for the Midtown 29 site, nearly an entire block between Northwest 28th and 29th streets, and on the east side of the railroad tracks. Maurice Habif and Jaret Turkell of HFF brokered the sale.

The property is technically in Edgewater, near the future site of a Stripey Development condo tower called 27 Edgewater.

Fifteen Adler EHOF Midtown LLC had planned a 20-story mixed-use apartment tower with 309 units on the site. It’s southeast of Midtown Miami and across the street from developer Alex Vadia’s seven-acre site. There, Vadia plans to develop a new residential, retail and restaurant project.

The Morgan Group is a high-end multifamily developer. In South Florida, it is building Pearl at Dadeland apartments and a midrise apartment building in Fort Lauderdale’s Flagler Village, according to the firm’s website. Morgan has developed more than 50 projects and 16,000 units since 1988, most of which are in Florida and Texas.

Morgan’s purchase takes up the majority of a city block, with the exception of a 5,600-square-foot corner lot. Jose and Lucia Pla paid $300,000 for that parcel in 2005, according to Miami-Dade County property records. Enriqueta’s Sandwich Shop is on that parcel.

All 14 parcels last sold for a combined $9 million between 2013 and 2015.


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