Solé Mia to see $100M in benefits from Opportunity Zones, report says

The $4 billion project will have more than 12 residential towers and a swimmable lagoon

Miami /
Apr.April 12, 2019 01:00 PM

Richard LeFrak and a rendering of Solé Mia (Credit: ArX Solutions)

Developers and investors are raising millions of dollars to pour into South Florida Opportunity Zones, but critics worry that the federal tax program will just give wealthy developers and investors a tax break for projects that are already underway.

LeFrak and Turnberry Associates’ $4 billion Solé Mia project in North Miami is perhaps the perfect example.

The project’s Opportunity Zone designation could give the mega-project more than $100 million in additional returns, according to Bloomberg.

The 184-acre mixed-use project is located on the site of a former toxic landfill in the historically distressed city of North Miami. Already under construction, it plans to have more than a dozen residential towers, a swimmable lagoon, a medical center and retail shops. Two 17-story towers began leasing apartments this year for $1,700 to $3,700 a month.

Representatives of the project heavily lobbied state and local officials, according to Bloomberg. In North Miami only two other Opportunity Zones were selected, and one of the sites was adjacent to Solé Mia.

Opportunity Zones were pushed forward in President Trump’s 2017 tax plan. The program gives investors or developers the ability to defer an potentially forgo paying capital gains taxes for investing in a designated Opportunity Zone. There are over 8,700 Opportunity Zones across the U.S. Developers receive the biggest benefit if they buy and hold the property for at least 10 years.

[Bloomberg]Keith Larsen


Related Articles

arrow_forward_ios
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
The JP Morgan Chase North Miami branch and attorney Howard DuBosar  
Hand over the money: JP Morgan Chase loses lawsuit over North Miami branch rent increases
Hand over the money: JP Morgan Chase loses lawsuit over North Miami branch rent increases
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
Interstate Industrial Park at 6555-6557 Garden Road (Google Maps, iStock)
Koda Interstate buys Riviera Beach industrial park for $13M
Koda Interstate buys Riviera Beach industrial park for $13M
From left: Ronald Fieldstone, Scott Meyer, Carlos Rodriguez Jr., Logan Gans, Stevan Pardo and Jaime Sturgis (Twitter, iStock/Illustration by Alexis Manrodt for The Real Deal)
Opportunity Zone investors pour in ahead of key deadlines
Opportunity Zone investors pour in ahead of key deadlines
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

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

Loading...