Immocorp Capital pays $15M for site of Miami Gardens City Center

Mixed-use project planned with multifamily, hotel, retail and entertainment

Miami /
Mar.March 03, 2020 05:30 PM
Gilbert Benhamou and the property (Credit: LinkedIn and Google Maps)

Gilbert Benhamou and the property (Credit: LinkedIn and Google Maps)

The city of Miami Gardens sold nearly 36 acres near Hard Rock Stadium to Immocorp Capital for $15.4 million, where the development group plans to build a mixed-use project.

Immocorp, led by CEO Gilbert Benhamou, and Pascal Cohen, closed on the 35.6-acre assemblage about two weeks ago with plans to build Miami Gardens City Center, Benhamou said. The two parcels are on the east side of Northwest 191st Street and Northwest 27th Avenue.

As planned, Miami Gardens City Center would have about 480 multifamily units, one extended stay hotel and one limited service hotel, and about half a million square feet of retail and entertainment space. The developer is working on finalizing the site plan and hopes to break ground within a year, Benhamou said.

The property is south of Hard Rock Stadium, which is owned by Related Companies’ founder and chairman and Miami Dolphins owner Stephen Ross. Ross recently completed a $500 million renovation of the stadium, which hosted Super Bowl LIV last month. The Miami Open tennis tournament and Formula 1 race are expected to be held at the stadium later this year.

Some developers who have built or proposed projects in Miami Gardens believe the renovations may bring about new interest in the city as a whole. Los Angeles-based Latigo Group recently broke ground on a 259-unit apartment project at 19279 Northwest 27th Avenue in Miami Gardens. It’s part of a bigger mixed-use project that will include a 37,000-square-foot building on a 4.63-acre parcel that will be leased to 24 Hour Fitness.

Aventura-based Immocorp has projects throughout South Florida. The firm is working with OD Hotels on plans to rebuild a historic downtown Miami property into a hotel.


Related Articles

arrow_forward_ios
 Lionstone's Diego Lowenstein with 5901 Miami Gardens Drive (Lionstone, iStock, Loopnet)
Lionstone roars into Miami Gardens with $17M office building acquisition
Lionstone roars into Miami Gardens with $17M office building acquisition
From left: Edgardo Defortuna, Stephen Ross and Gil Dezer (The Related Companies, Fortune International Group, Dezer Development, iStock)
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
Kushner to co-develop multifamily project south of Hard Rock Stadium
Kushner to co-develop multifamily project south of Hard Rock Stadium
Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)
Bridge Industrial nabs $154M construction loan for Miami Gardens project
Bridge Industrial nabs $154M construction loan for Miami Gardens project
Link Logistics' Luke Petherbridge (Link Logistics, Calder Casino, iStock)
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
Take two: Blackstone affiliate proposes industrial complex with movie studio at Calder’s horse racing track
CenterPoint Properties' Bob Chapman with 17707 Northwest Miami Court (Platformreverecre, Google Maps)
CenterPoint picks up Miami Gardens truck storage facility for $47.5M
CenterPoint picks up Miami Gardens truck storage facility for $47.5M
4705 NW 183rd Street and 4500 NW 183rd Street complexes (LoopNet)
Brooklyn investment group buys two Miami Gardens shopping centers for $47M
Brooklyn investment group buys two Miami Gardens shopping centers for $47M
Seagis VP Bradlee Lord with the facility (Google Maps, Cornell)
Seagis Property Group buys warehouse near Miami Gardens for $8M
Seagis Property Group buys warehouse near Miami Gardens for $8M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...