The Real Deal Miami

Turnberry Associates and LeFrak buy Costco store next to SoLē Mia

Costco will be moving into a new 166k sf store within SoLē Mia
By Amanda Rabines | April 13, 2018 02:30PM

Costco in New Brunswick, Canada and Jeffrey Soffer, Jackie Soffer and Richard LeFrak (Credit: Wikipedia)

UPDATED April 13, 4:25 p.m.: Turnberry Associates and LeFrak just picked up a Costco site to add to their $4 billion SoLē Mia mixed-use project.

Property records show an affiliate of Turnberry Associates and LeFrak paid $16.94 million to buy the Costco at 14585 Biscayne Boulevard in North Miami Beach. The property sits on 11.5 acres of land.

Costco Wholesale Corp. sold the 143,550-square-foot warehouse for $118 per square foot. But the superstore won’t be leaving North Miami Beach. Costo and the developers agreed to build a nearly 166,000-square-foot store within SoLē Mia.

Built in 1992, the Costco that just sold sits just south of Northeast 146th Street. The new facility is set to rise on about 14 acres of land just south of Northeast 151st Street on the west side of the future SoLē Mia Boulevard.

In all, SoLē Mia will have a 10-acre lagoon with beaches, 12 residential buildings with about 4,300 units, a hotel; a town center with more than a million square feet of shops and restaurants; and a Warren Henry car dealership.

The developers broke ground on the first phase of the project in 2015, and recently scored more than $100 million in construction financing from the U.S. Department of Housing and Urban Development to build two 17-story, luxury rental towers totaling 400 units, as part of its first phase.

A Chinatown has also been proposed for the city of North Miami Beach.

Correction: A previous version of the story showed a different city for the site.