A Little Havana developer plans to build an apartment project on land he assembled on Miami’s Southwest Eighth Street, also known as Calle Ocho.
The 12-story building will mark one of the biggest new multifamily projects on the highly trafficked street, following the 2016 completion of the 492-unit InTown apartment complex at 1900 Southwest Eighth Street and Altis Little Havana at 2100 Southwest Eighth Street. Altis is expected to open this spring.
In the latest deal, developer Pedro Camejo of Miami-based Cam Group paid about $8.2 million between 2019 and January of this year for 2555, 2525, 2521 and 2515 Southwest Eighth Street, as well as 711 Beacom Boulevard.
Camejo plans to build a roughly 200-unit apartment building on the 1-acre site with about 10,000 square feet of retail, he said. He’s keeping the building at 2555 Southwest Eighth Street as is.
Jonathan De La Rosa and Eddie Toledo of Marcus & Millichap brokered the sale.
The Little Havana development will have a pool, gym, office/work room, more than 300 parking spaces and valet service, Camejo said. It will be either market rate or affordable housing.
Camejo plans to break ground within 18 months and complete the building within about 22 months.
Developers have increasingly targeted Little Havana for new projects. Last year, Austrian-based Premium Development paid Presidente Supermarkets $15 million for a 2.3-acre property at 700 West Flagler Street. Zoning allows for close to 800 apartments if affordable housing is included.
Premium is also building a 194-unit apartment building called First-Little Havana at 736-760 Southwest First Street, with roughly 160,000 square feet of residential space, 7,000 square feet of ground-floor retail and 231 garage parking spaces.
Camejo, who is also a partner at New York-based Verdot Capital along with Yariv Bensira, said he recently completed a 36-unit development nearby in Little Havana, and sold a medical development site in Hialeah. Property records show a Verdot affiliate recently sold the site at 4300 West 12th Avenue to a company managed by Alejandro Garcia for $6.9 million.