search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Commercial
South Florida

Garco buys Miami-Dade land for multifamily project

Miami developer is planning between 250-300 rental units

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.

Sign Up for the undefined Newsletter

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.

Tags
Homestead