Royal Castle plans to turn brownfield site in Opa-locka into mixed-use project

Vacant lot was formerly the dumping grounds for demolition contractor Cuyahoga

Miami /
Mar.March 28, 2018 03:30 PM

1700 Service Road and Stigliano Commercial Real Estate’s Reese Stigliano (Credit: Google and Stigliano Commercial Real Estate)

One man’s trash…

A company tied to real estate investment firm Royal Castle Companies just purchased a contaminated brownfield site in Opa-locka, with plans to develop a mixed-use project.

The 7.6-acre property once served as the dumping grounds for demolition contractor Cuyahoga Company.

The sale of the parcel at 1700 Service Road, along State Road 9, required clearing multiple code enforcement liens on the property and promising the city to decontaminate the site, according to broker Reese Stigliano, president of Stigliano Commercial Real Estate. Overall, the closing process took nearly two years to complete, he added.

Royal Castle is planning to build a project that may include a hotel, about 250 rental units and retail space. The North Miami-based company owns, manages, and develops commercial and multifamily properties throughout the United States and specializes in affordable multifamily development.

The property is part of a mixed-use overlay district that allows for commercial development. Stigliano said the developer is in talks with the city to also build several workforce housing units.

The lot still needs to be extensively rehabbed, due to contaminants that include asbestos. Stigliano said the cleanup process will start within the next 30 days and will take about six to eight months to complete.

The site closed for $475,000. The company had to pay the city an additional $195,000 to release about nine code enforcement liens on the property. With the cost of cleaning up the site, the total investment will approach $2 million, according to Stigliano.

Records show the sellers, Miller Legg Capital Holdings, bought the property in 2010 for $199,000. Stigliano represented the sellers. CBRE’s Pete Messina co-brokered the deal.

Over the summer, Gramercy Property Trust paid $80 million for the Opa Locka Hialeah Flea Market. Nearby, Amazon is set to move into its new 800,000-square-foot distribution center, close to the Miami Opa Locka Executive Airport.


Related Articles

arrow_forward_ios
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
An aerial of Bridge Point AVE with Bridge Development CEO Steve Poulos (courtesy of Bridge Point Development)
Bridge Development scores $78M construction loan for Opa-locka industrial park
Bridge Development scores $78M construction loan for Opa-locka industrial park
arrow_forward_ios

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

Loading...