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Ocean Bank sells Miami dev site for $14M, buyer plans mixed-use project
Buyer plans to develop a hotel and apartments on the site
Ocean Bank sold about 3 acres of land in Miami as a development site for $14 million, and the buyer plans a mixed-use project.
The Miami-based bank — known as the largest independent state-chartered commercial bank headquartered in Florida — sold the land at 4238 to 4242 Northwest Seventh Street, near its headquarters and Miami International Airport.
The selling price for the property, called Le Jeune Station, was less than the $16.5 million Ocean Bank sought when the property listed in May. The bank bought the properties between 1984 and 1995, records show.
The buyer is affiliated with Miami-based South Florida Developers and 360 Builders, led by the Gonzalez family. Tony Gonzalez told The Real Deal the family plans a mixed-use project with a hotel component and apartments. The developers are still finalizing plans but may use “Le Jeune” in the complex’s name.
Ocean Bank advertised the property as a potential development site for a mixed-use project of up to 260 units, with potential for more with up-zoning.
John K. Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller.
Other projects by the firm South Florida Developers include the Tropical Villas at 201 Northeast 18th Avenue in Homestead, as well as hotel and industrial properties.
Last year, Ocean Bank’s loans included $67 million to Investments Limited to refinance 13 of its commercial properties in South Florida, as well as an $810,000 construction loan for a rental development in Little Havana, and a $38.3 million construction loan for a planned housing development of 113 townhouses and 288 multifamily units in Miami Gardens.