Garco buys Miami-Dade land for multifamily project

Miami developer is planning between 250-300 rental units

TRD MIAMI /
Nov.November 07, 2019 02:15 PM
The Eureka Drive site, Deme Mekras, Elliot Shainberg

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Multifamily developer Garco is planning a project in south Miami-Dade, which could contain up to 300 units.

According to Deme Mekras of MSP Group, Garco paid about $2.9 million for the 2.44-acre site on Eureka Drive, located between South Dixie Highway and the Florida Turnpike. Mekras, Elliot Shainberg and Sam Mekras of MSP represented the seller, Eureka 184 LLC. Julio Diaz of Shelton and Associates represented the buyer.

Garco is in talks with the county to determine the project’s exact size, but plans to build between 250 and 300 units on the land.

The firm paid cash for the site, which allows for up to 15 stories of development and a maximum of 371 units. The property is near the West Perrine neighborhood and just outside of an Opportunity Zone.

Garco, a Miami-based firm founded in 2000, builds commercial and residential projects, including single-family homes, townhomes, condos, shopping centers, storage facilities from Homestead to Orlando, according to its website.

Records show the seller, Eureka 184 LLC, is managed by Andrew Herskowitz and Diego Rodriguez of VRM Companies.

Atlantic Pacific Communities has proposed building a transit-oriented development on more than five acres of land next to Garco’s assemblage, according to the South Florida Business Journal.

Nearby, Estate Investments Group is building the 200-unit Soleste Bay Village in Palmetto Bay, which is in an Opportunity Zone.

Homebuilders like Lennar Corp. and D.R. Horton have continued to buy and develop large swaths of land in Homestead and throughout south Dade.


Related Articles

arrow_forward_ios
FCP’s Palm Beach County portfolio and Bruce Gago

FCP pays $86M for three Palm Beach County apartment communities

WATCH: Developers and co-living operators shed light on the growing industry

WATCH: Developers and co-living operators shed light on the growing industry

Rendering of the Miramar project, Tom Godart

Altman closes on development site of mixed-use Miramar project for $35M

WATCH: Grant Cardone espouses his real estate investing philosophy

WATCH: Grant Cardone espouses his real estate investing philosophy

Spectra at Tamarac at 8650 Northwest 61st Street and Mark Zolty

Canadian investment firm buys Tamarac apartments for $47M

Backstage with Grant Cardone

Backstage with Grant Cardone

From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

1075 Southeast Sixth Avenue and Arnaldo Bomnin (Credit: Google Maps)

Auto magnate sells a Homestead dealership for $19M

arrow_forward_ios