Opportunity Zone site in Aventura hits market, could trade for $100M, broker says

Buyer could develop site into project with 820K sf and 450 resi units

Jan.January 30, 2020 01:30 PM
21440 Biscayne Boulevard and listing broker Jonathan Molano

21440 Biscayne Boulevard and listing broker Jonathan Molano

An assemblage of land in an Opportunity Zone in Aventura could trade for about $100 million, according to the listing broker.

The 10.5-acre site at 21440 Biscayne Boulevard hit the market on Friday, said Jonathan Molano of Blue B CRE and Blue B Properties, who is listing the property. Molano said the property could sell for more than $100 million based on comparable trades in the area of $226 per square foot.

The assemblage could be developed into 820,000 square feet with 450 residential units, retail, office, hotel, multifamily and assisted living uses, Molano said.

“It’s a tremendous opportunity because it’s in an Opportunity Zone,” he said, calling it the largest Opportunity Zone site on the market between downtown Miami and Aventura.

Molano hopes to attract major investment groups and Opportunity Zone funds.

Nearly $2.3 billion was put into Opportunity Zone funds between early December and early January, according to a survey from accounting firm Novogradac. That marks a 51 percent increase over the prior month.

The Aventura listing is near Hallandale Beach and the border between Miami-Dade and Broward counties.

Records show Jasmin Investments LLC, led by Tako and Jacqueline Reuven, and other companies affiliated with them, have been assembling the properties since 1998. Their companies spent more than $28.6 million on the land, paying $22 million in April 2019 for the lot fronting Biscayne Boulevard. The deal marked one of the larger sales in South Florida Opportunity Zones last year.

Investors who develop in federally designated Opportunity Zones can defer federal taxes on capital gains until the end of 2026. Investment in such tracts has surged in recent months thanks in part to the government’s release of its final set of regulations in December.

The federal program, which is meant to spur investment in low-income areas, has faced mounting criticism for serving as a tax break for wealthy developers.

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