Updated, Nov. 22: A group of properties near the site of David Beckham’s planned MLS stadium in Overtown traded hands for $6 million, or $88 per square foot. The properties will eventually be knocked down and redeveloped into a 285-unit apartment complex.
Miami-Dade County property records show Tayyab Zaidi sold two apartment buildings and vacant land at 1150 Northwest Eight Street Road and 1000 Spring Garden Road. The buyer is 1000 Spring Garden LLC, an entity controlled by a local attorney and tied to broker Alfonso Jaramillo.
The land totals 68,263 square feet or nearly 1.6 acres and includes two two-story apartment buildings with 46 units built in the late 1950s and early ’60s. The LLC financed the deal with a $3.6 million mortgage from Zaidi.
Jaramillo, of Fortune International Realty, brokered the deal in addition to being the buyer. He said he’s going to hold onto the land as-is for a couple of years and then develop it into a new apartment project.
Attorneys Steve Rosenthal and James Marx put the deal together, they told The Real Deal.
Records show Zaidi, who manages the apartments, assembled the properties for nearly $800,000 between 1992 and 1994.
The properties are just southwest of Overtown in the Spring Garden neighborhood. Land prices have surged in Overtown, Miami’s historically African-American neighborhood where mixed-use projects like MiamiCentral and Miami Worldcenter are under construction.
Less than a mile away from the Spring Garden apartments, Beckham is focusing on nine acres in Overtown to build his professional soccer stadium between Northwest Sixth and Eight streets and between Northwest Sixth and Seventh avenues. Previous reports have said Beckham hopes to build a 30,000-seat soccer stadium that would cost an estimated $200 million — all of which, the group said, would be privately funded.
The stadium plan has already spurred commercial activity. Property records show Blue Road, an active hospitality and residential investor, purchased land farther north on the canal for $6.7 million, or $142 per square foot, in March.