Biscayne Landing Developers acquire 55 acres in North Miami

North Miami Beach Property Management has announced that Soffer and LeFrak real estate collectively known as the Oleta Partners have invested in a joint venture and closed a $22 million deal to purchase 55 acres of land from North Miami city. This venture is part of the objective to redevelop the 183 acre property previously called as Biscayne Landing know renamed as SoLe Mia.

The joint venture of Soffer and LeFrak real estate intend to construct a 200 unit rental building, a retail and shopping center, and a 10 acre swimming lagoon. This project will also include 4,000 residential units, 37 acres for the park and a million square feet for commercial and retail purposes.

The project is estimated to cost $3 billion to $ 4 billion and take up to 15 years to complete. North Miami City and Oleta Partners believe that this venture will promote the growth of the city in the years to come.

Oleta Partners have already started construction and the plan to remove contaminated rocks has also been finalized. Oleta Partners intend to remove the contaminated crushed rocks from the site which contain a level of aluminum higher than the country environmental standards and they are also responsible for future environmental clean ups.

Source: miamiherald.com