Ram Realty pays $13M for dev sites in south Miami-Dade

Records show sites could be developed with 300 resi units, 108K sf of retail

Miami /
Jan.January 21, 2022 02:41 PM

An unaddressed parcel of land bought by Ram Realty with Ram Realty Advisors’ CEO Casey Cummings (Ram Realty, Miami-Dade County Property Appraiser’s office)

Ram Realty Advisors is in line to add more residential units and retail to its mixed-use south Miami-Dade County project north of Zoo Miami.

Ram Realty bought 17.8 acres surrounding the Walmart Supercenter that is under construction for $13.2 million, according to records. The University of Miami sold the two properties to two Ram Realty affiliates. The sites are part of a much larger project under development.

In the bigger of the two latest deals, Ram Realty bought a 12.4-acre property just south of Walmart for $10.5 million. The land could be developed with 300 or more residential units, according to an assignment of development rights record from UM to Ram Realty. The document does not specify whether these will be condominiums or apartments.

Ram Realty also paid nearly $2.7 million for the 5.4-acre tract at 15301 Southwest 127th Avenue and just north of the Walmart. The property could be developed with 108,000 square feet of space, with restaurant and liquor store uses allowed, according to the development rights assignment for the tract.

Ram Realty scored a $7 million loan for the residential tract and a $1.3 million for the retail one, both from PNC Bank, records show.

The Palm Beach Gardens-based developer, led by Casey Cummings, declined to comment on the deal and its plans for the sites.

Parts of Ram Realty’s larger, over 80-acre project have already been completed, and some of the properties have been sold. In December, Atlanta-based Cortland bought the 408-unit Mareas at Botanica apartment complex, renaming it Cortland South Kendall, and an adjacent multifamily development lot for a combined $174.3 million.

Development of the expansive mixed-use community is ongoing, after being mired in litigation, with environmentalists having claimed that construction would raze part of the biggest pine rockland rare habitat outside of Everglades National Park.

After UM sold the majority of the property to Ram Realty in 2014, four environmental groups sued in federal court the U.S. Fish and Wildlife Service and other agencies that signed off on the developer’s allegedly incomplete conservation plan. Ram Realty argued at the time that it had spent years to come up with a development plan that would conserve the habitat, and government authorities also said UM had failed to maintain the tract.

Although the suit initially scored a win with a judge ordering a halt of the land clearing, the decision eventually was lifted and litigation settled confidentially in 2018.





    Related Articles

    arrow_forward_ios
    David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Developer proposes Urby-branded apartments on former Art by God site in Wynwood
    Innovation District (DB Lewis Architect-Thresholds Intl, iStock)
    Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
    Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
    Pebb Capital's Todd Rosenberg with 4000 Collins Avenue (Loopnet, iStock)
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
    A photo illustration of the letter unit owners of Champlain Towers South in Surfside sent to the court (Getty Images, iStock)
    Surfside collapse unit owners ask court to up their $83M payout
    Surfside collapse unit owners ask court to up their $83M payout
    The shopping center at 12495 Southwest 88th Street (Frontier Companies)
    Frontier pays $18M for Best Buy-anchored shopping center in Kendall
    Frontier pays $18M for Best Buy-anchored shopping center in Kendall
    Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
     E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
    Michele and Kevin Segalla and Ilya Karpov with 320 Hibiscus Drive (LinkedIn, Craig Denis) Miami, Mansions
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    Mobile gaming tycoon, investment manager wife pay $29M for Hibiscus Island spec mansion
    arrow_forward_ios

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

    Loading...