AHS Residential scooped up a 17.8-acre mostly vacant site in North Miami Beach for $57 million, marking investors’ insatiable appetite for developable land in South Florida.
The Miami-based company bought the property on the southeast corner of Northeast 159th Street and West Dixie Highway from New North Equities LLC, records show. It was previously approved for a massive mixed-use development.
The selling entity is managed by Gabriel Boano, state corporate records show. He is president of family owned development and construction company Art + Tec Development, based in Bay Harbor Islands.
The majority of the property, or 17.7 acres, consists of land. The remainder has two one-story commercial buildings, at 15530 and 15540 West Dixie Highway.
The land last traded in 2017 for $21.1 million, and the commercial buildings for $557,500 each in 2017 and 2018, property records show.
In 2018, the site was approved for a 2.5 million-square-foot mixed-use project, called New North Town Center. The “micro-city” development was slated to have 1,650 residential units, 260,000 square feet of office space, 175,000 square feet of retail space, a 175-room hotel and a 120,000-square-foot school. The approved heights range from three stories to 20 stories.
New North Town Center was never built.
AHS did not immediately return a request for comment for its North Miami Beach site plan.
The company, led by CEO Ernesto Lopes, is a multifamily developer that has built and sold multifamily communities in South Florida. The company was founded in 2012 and has a portfolio of more than 2,000 units under management in the region, according to its website.
AHS developed the Tamiami Landings complex in Miami-Dade County’s Country Walk area and the Banyan Ridge community in unincorporated Palm Beach County, and sold them for a combined $123 million to AEW Capital Management in October.