Prestige partnership plans $100M rental complex to replace mobile home park

600 to 800 apartments will be located next to the planned Ludlam Trail

Oct.October 02, 2018 02:30 PM

Aerial of Lion Miami Terrace mobile home community and Prestige Companies principal Alex Ruiz

A joint venture between Prestige Companies and Summit Property Group is planning a $100 million multifamily community next to the planned Ludlam Trail, The Real Deal has learned.

The partners want to develop 600 to 800 apartments in addition to commercial space on nearly 8 acres of land on the northwest corner of Southwest 12th Street and Southwest 70th Avenue, just south of Miami International Airport, according to Alex Ruiz, a principal with Prestige Companies.

Last week, the joint venture, Lion Miami Terrace, LLC, won county approval for a land-use amendment that will rezone the property from industrial and office to a new development zone centered around the planned 6-mile long Ludlam Trail linear park.

The project would replace the Lion Miami Terrace mobile home community, which houses nearly 60 mobile home pads. The redevelopment is in line with a growing trend of developers repurposing mobile home communities in Miami-Dade County.

In Hialeah, two Delaware LLCs, Hialeah Pura Vida Commercial and Hialeah Pura Vida Apartments, recently won city approval to rezone from residential to commercial a 10-acre site at 2901 West 16th Avenue that houses the Sunny Gardens Mobile Home Park. The green light paves the way for the developer to build up to 54,000 square feet of commercial space and up to 288 apartments. Residents were issued a notice to vacate the park by the end of November.

Prestige and Summit have been assembling the land, including the mobile home park for about five years. Ruiz said closing the park was inevitable because it sits on an old underground septic tank.

The Ludlam Trail stretches from about Northwest Seventh Street to Southwest 80th Street, along 69th Avenue. It runs through dense residential, industrial and commercial districts, between Westchester and West Miami.

Other investors planning multifamily projects along the Ludlam Trail Corridor include the Altman Companies and Florida East Coast Industries, which owns a majority the trail.

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