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
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
Renders of the new development on 1155 Northeast 126th Street (Kivvit)

North Miami CRA approves financing for new workforce housing development

North Miami CRA approves financing for new workforce housing development
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
arrow_forward_ios

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

Loading...