Alta Development picked up an assemblage near the Miami River for $14.6 million, with plans to build a multifamily project.
An affiliate of Miami-based Alta Development, led by Principal Henry Pino, bought six properties at 1410, 1420 and 1428 Northwest 14th Avenue; 1420 and 1430 Northwest 14th Terrace; and 1451 Northwest 14th Street, according to records. The buyer paid $265 per square foot for the 1.3-acre site, and obtained a $17.4 million mortgage from River KS Finance.
The off-market deal involved two different sellers, according to a press release. Virgilio Fernandez and Mitash Kripalani with Colliers represented Alta and one of the sellers, American Business Continuity Domes, which is managed by John Fedele in Coral Gables. American Business paid $1.3 million for two of the properties in 2014 and sold them to Alta for $5.5 million, records show.
For the other four properties, Babba Yosharim with Beachfront Realty represented the seller, JCCE Commercial LLC, managed by Jerry and Colleen Enis, also of Coral Gables. JCCE paid $450,000 for the properties between 1980 and 1986, records show. Alta paid JCCE $9 million.
The development site is in Miami’s Health District, less than a half-a-mile west of the Civic Center Metrorail Station. The properties’ zoning allows for a 20-story project with 189 units. Alta plans to seek approval from Miami-Dade County for a rapid transit designation that would allow for increased density, more apartments and a parking reduction, the release states. If approved, Alta could build up to 650 units.
The properties are also near Miami River Landing, a $425 million mixed-use project with 528 apartments and a retail component featuring Hobby Lobby, Publix, Burlington, and Planet Fitness, among others.
High demand for apartments has pushed up rents in Miami’s Health District, Fernandez said in a statement. The site is among the last in the area that can accommodate a high-rise, market-rate multifamily project, he added.
In 2020, Pino launched Alta Development after leaving a similarly named firm, Alta Developers, which is led by Principal and CEO Raimundo Onetto. During Pino’s tenure, Alta Developers’ projects included Quadro, a 13-story, 198-unit mixed-use apartment building in the Miami Design District; and Eon, two apartment complexes in Fort Lauderdale’s Flagler Village.