A company affiliated with the CEO of Sedano’s Supermarkets sold an 86-acre property slated for a home community in Florida City for $33.8 million.
A company tied to Agustin Herran, the CEO of Sedano’s and a former board of director of Miami-based U.S. Century Bank, sold the site to Brickless Developer Group, which is managed by Nelson Delgado. The property at 1100 West Palm Drive in south Miami-Dade County sold for $392,000 per acre, records show.
Herran’s GREC HOMES IX LLC was planning to build a home community at the site called Keys Edge Development. The development was planned to have 389 single-family homes, 174 townhomes and 624 apartments, according to its website.
The buyer got $32.6 million in financing from the seller.
GREC HOMES IX bought the property for $17.1 million in 2005, records show.
Sedano’s is one of the largest Hispanic-owned grocery store chains in the U.S. It was founded by Rene Sedano in Hialeah in 1961 and now has more than 30 stores.
Homebuilders are increasingly moving farther south toward Homestead and Florida City as land becomes more scarce in South Florida. A lack of affordable priced homes have also pushed residents to the far suburbs.
In 2017, Lennar paid $10.75 million for about 77 acres in Homestead, just west of the Turnpike along Mowry Drive and Southwest 152nd Avenue. In June, the homebuilder also paid $9.5 million for about 32 acres at 11406 Southwest 248th Street.