The final act: Spaghetti western star sells Overtown warehouse for $10M

The 2.6-acre property is in a designated Opportunity Zone

TRD MIAMI /
Nov.November 01, 2019 01:30 PM
690 Northwest 13 Street and Francisco Martínez-Celeiro (Credit: Google Maps, Wikipedia)

690 Northwest 13 Street and Francisco Martínez-Celeiro (Credit: Google Maps, Wikipedia)

Spaghetti western movie star Francisco Martínez-Celeiro sold his Overtown warehouse in an Opportunity Zone for $9.5 million.

Rumasa Corp, which is tied to Martínez-Celeiro, sold the 72,903-square-foot warehouse at 690 Northwest 13th Street to a company tied to Kite Tax Lien Capital of Vero Beach.

The building sits on 2.6 acres of land next to Booker T. Washington Jr. High School. It sold for $130 per square foot.

Martínez-Celeiro, better known by his stage name George Martin, bought the property for $1.45 million in 2002, records show.

Property values in Overtown, a historical African American community, are rising due to the neighborhood’s proximity to downtown Miami, Wynwood and its designation as an Opportunity Zone. Virgin Trains USA’s MiamiCentral station is also located in the neighborhood.

In order to qualify for the Opportunity Zone’s tax benefits, a developer or investor has to build new construction or “substantially redevelop” an existing property, which means doubling the investment in the property.

Michael Tillman’s PTM Partners and Estate Investments Group are seeking to take advantage of this tax break and are building a 360-unit multifamily building at 218 Northwest Eighth Street in Overtown.

Martínez-Celeiro owns the Babylon Apartments site on Brickell Bay Drive. He recently lost a battle with commissioners to rezone the property to allow for a 24-story residential building. The site was previously home to one of Arquitectonica’s first projects in Miami and was known for its post-modern design.


Related Articles

arrow_forward_ios
1000 Southeast 8th Street, Andrew Gurewitsch and Harry Weisman and Barry Katz

Duty Free Americas owner will have to pay taxes on this sale

JP Morgan's announces $5M investment in affordable housing in South Florida at the Black Archives Historic Lyric Theater in Overtown on Wednesday

JPMorgan to invest $5M to build 150 new affordable rentals in South Florida

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

Marcus Samuelsson and exterior shot of Red Rooster construction (Credit: Getty Images)

Marcus Samuelsson’s Red Rooster Overtown restaurant is almost ready

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Michael Tillman and Soleste Grand Central

Overtown Opportunity Zone project snags $55M loan

Alfonso Jaramillo, Arthur Porosoff, and an aerial view of the property (Credit: Google Maps)

Developer closes on land assemblage for big resi complex near Miami’s Overtown

Public Storage CEO Ronald Havner (Credit: Twitter)

Public Storage picks up industrial portfolio in Miami-Dade for $63M

arrow_forward_ios