Developer buys OZ land in bet on Homestead as “future” of real estate

Armando Bravo plans 190 apartment units, 70K sf of retail on 11-acre site

Miami /
Oct.October 25, 2021 02:30 PM
503 South Krome Avenue in Homestead and Armando Bravo (Google Maps)

503 South Krome Avenue in Homestead and Armando Bravo (Google Maps)

Many Miami developers covet waterfront sites and locations in bustling neighborhoods like downtown and Wynwood, but Armando Bravo is among those investing in south Miami-Dade.

Bravo, through his Bravo and Partners 11 Acres LLC, bought an Opportunity Zone development site at 503 South Krome Avenue in Homestead for $5.4 million, he said. The 11 acres is from U.S. 1 west to South Krome Avenue and between Southeast Fourth and Sixth streets.

Seller Homfarmland, managed by Coral Gables-based attorney Michael Cease, bought the property out of foreclosure in 2015, records show.

Lazaro Vilarchao of Realty Quest Group represented the seller. Bravo’s wife, Neyda Bravo of Bravo & Partners Realty, represented him in the purchase.

Bravo plans to build a roughly 190-unit apartment complex with several four-story buildings, and 60,000 to 70,000 square feet of retail facing U.S. 1, he said. He has not yet submitted an application to the city.

Miami already is built out, pushing development south to “growing” Homestead, Bravo said, which he called the future of the real estate market.

Exactly how the OZ designation will come into play is to be decided. The federal program allows investors to defer capital gain taxes in exchange for putting these gains in a real estate or business project in economically struggling areas. Investments are channeled through OZ funds.

The land was previously a mobile home park destroyed by Hurricane Andrew in 1992, according to Bravo.

He expects to complete the project in 2023.

Bravo is not the only one to opt to build in Homestead, where major homebuilders such as Lennar have developed thousands of homes.

Five development groups responded in August to a city solicitation to transform a 16-acre site, which includes the former city hall, into a mixed-use project.

In another OZ venture, a Miami-based OZ fund led by Jose Mallea wants to build a Bitcoin mining facility and technology business park near the Homestead-Miami Speedway.





    Related Articles

    arrow_forward_ios
    John Ruiz with 530 Arvida Parkway
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    The Development site at 9163-9165 Collins Avenue in Surfside with Fort Partners' Nadim Ashi
    Fort Partners pays $42M for Surfside condo development site
    Fort Partners pays $42M for Surfside condo development site
    From left: Prologis' Hamid Moghadam, MG3 Group’s Marcelo Saiegh, and TA Realty's James Buckingham (Getty, Prologis, MG3 Group, TA Realty)
    South Florida industrial market softens, rents rise again in fourth quarter
    South Florida industrial market softens, rents rise again in fourth quarter
    Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach
    Palazzo Della Luna closing tops Miami-Dade weekly condo sales
    Palazzo Della Luna closing tops Miami-Dade weekly condo sales
    (Illustration by The Real Deal with Getty)
    South Florida residential dollar volume falls 50% in December
    South Florida residential dollar volume falls 50% in December
    Renderings of The Wynwood Plaza with L&L’s David Levinson and Robert Lapidus, Oak Row’s Erik Rutter and David Weitz, Marcelo Claure and Shorenstein’s Matt Knisely
    Wynwood Plaza project scores $215M construction loan
    Wynwood Plaza project scores $215M construction loan
    Renderings of Oko Group’s 830 Brickell in Miami’s Brickell neighborhood and Stephen Ross’ One Flagler in downtown West Palm Beach
    South Florida office rents rise in the fourth quarter
    South Florida office rents rise in the fourth quarter
    arrow_forward_ios

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

    Loading...