UPDATED, Aug. 7, 2:50 p.m.: A local development group closed on a land assemblage in the Spring Garden neighborhood, where it plans to build a large residential complex, The Real Deal has learned.
The group paid $17 million for the land near the Miami Health District and Overtown, according to brokers involved in the deal.
An LLC, 1010 Spring Garden — managed by Emir Dereli and minority partners Marlon Gomez and Jason Susar — acquired the roughly 68,000-square-foot assemblage at 1150 and 1180 Northwest Eighth Street Road; 1000, 1008, 1010, 1040, 1050, 1060, 1070 and 1080 Spring Garden Road.
Dereli and his partners are planning to build a half-million-square-foot project with up to 437 residential units and ground floor retail space, said Jorge Correa of J. Correa and Associate Inc. Correa, Alfonso Jaramillo of Fortune International Realty and Arthur Porosoff of D Stone Realty worked on the sales to the group.
The sellers are 1000 Spring Garden LLC, led by Jaramillo, Spring Garden 24 LLC, Station Court LLC and Nathan Shmalo. The deals closed on Friday.
Jaramillo said he got approval to close the street between the properties.
Dereli, Gomez and Susar are also building an apartment complex in the Fontainebleau area of Miami.
On the other side of Spring Garden Road, Estate Investments Group is planning a 251-unit apartment building on a 1.5-acre site at 1005 Spring Garden Road, geared toward employees in the health district.
The Spring Garden neighborhood is just southwest of Overtown, where David Beckham and his investors once planned to build their Major League Soccer stadium.
After land prices in the area hit historic highs in recent years, outpacing the residential and commercial rents that can be drawn there, development has been slow to take off in Overtown.
While Beckham and his partners later decided on the city-owned Melreese golf course property for the stadium, the group still plans to develop the Overtown land, partner Jorge Mas told the Miami Herald earlier this year.