Biscayne Landing Developer Buys More Land, Plans Over 4,000 Units

More condos are coming to the Biscayne Landing property in North Miami, which was once a superfund site.

Oleta Partners LLC, a partnership between Michael Swerdlow and the Lefrak Organization, are buying an additional 50 acres from the city of North Miami. They are paying just $4 million up front for the newly added land, with another $16 million to be paid over the next ten years. The city will also get 2 percent of condo sales.

The developers plan to build over 4,000 units at the site.

 

 

Biscayne Landing Land Sale Approved by North Miami City Council

North Miami, Florida – October 30, 2014 – Biscayne Landing, the premier mixed-use real estate development located at N.E. 151 Street and Biscayne Boulevard in the City of North Miami, will move forward after the North Miami City Council’s decision to approve a comprehensive resolution to sell approximately 50 acres of land currently under a ground lease to Oleta Partners, the developers of the project.

“We are extremely pleased with the City Council’s decision,” stated Michael Tillman, President of Oleta Partners LLC. “Together with other agreements that will streamline the development process, this approval allows this critically important project to move forward.”

The Biscayne Landing project will include lifestyle retail and a residential community comprised of more than 4,000 units. Once completed, it will not only reshape the City of North Miami, but will generate thousands of new jobs, and, over time, provide an infusion of millions of dollars in sales and property tax revenues.

“We are pleased that the Biscayne Landing project is moving forward,” said North Miami Acting Mayor Philippe Bien-Aime. “This is a sign of true progress for our City. This project will be an invaluable resource to North Miami and our residents for years to come.”

 

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Obviously
6 years ago

I remember passing by that area twenty five years ago and wondering why has this spectacular piece of land sat vacant for so long? The views, proximity to Aventura, Sunny Isles, plus not to mention Sunlife stadium and Broward County. This can’t be nothing but a win win for the developer.

Can’t wait to see the finished product.

Myron
6 years ago

Because it was/is one of the most polluted sites in south florida.

Laz
6 years ago

Please elaborate

Obviously
6 years ago

That I know, Myron. But still, once upon a time, this area was poised to be the home of the desolved (I think it was called) ENTER-RAMA project. I’m just amazed it took so long before someone got really serious about developing that area.

Mary
6 years ago

Adding 4,000 units this late in the game doesn’t seem like the best idea. Especially because this development is attempting to create its own micro-city, like citi or worldcent. These will have to be priced far below 800 psf to be sustainable; top 1% of foreign investors are already putting their money elsewhere, and locals/Americans want to be downtown or on the beach. The city of Miami needs to slow down. I’m all for development, but this is also going to be a disaster for the commercial market.

Mary
6 years ago

lol. Listen up, old fart. No need to get hostile. I was born right around the time you were driving by that site, 25 years ago. I’d be willing to bet money you’re associated with the development. No need to get your real estate panties in a wad, and no offense, but your chicken little comparison is about as obsolete as the lens you’re viewing the potential of this site through. A lot has changed in 25 years, with the bulk of the influential factors I’m referencing occurring in the past 2. Your comment (quite crass if I may say) was also premature and lacked substance. I hope this project goes up and sells out, I really do. I hope I also see 4,000 permanent new jobs created to sustain that type of development. In the meantime, review that pro forma I’m sure you have access to, and let me know about those assumptions. Best of luck.

Mary
6 years ago

“Obviously” deleted its comment. Guess he can dish it but can’t take it.

Obviously
6 years ago

Mary Mary Mary…first of all, I don’t make comments just to delete them, the people that run this site has done that to other comments of mine before. Second, “old fart?” Quick lesson (because not only did your parents teach you to respect you elders, they didn’t teach you this too) its nonsensical to use a put-down like “your chicken little comparison is about as obsolete as the lens you’re viewing,” and then dimwittingly use and obsolete saying like “old fart.” That’s being a hypocrite. Old only means people like me were here first to make YOU. See, you come from a generation that hasn’t created or done anything of significance. Didn’t create the car, airplane, TV, computer, etc etc etc….nothing, us old farts did all that, so sit back, thank us, and enjoy will listening to that crap you call Techno music.

Now, you made the prediction that “The city of Miami needs to slow down. I’m all for development, but this is also going to be a disaster for the commercial market.” And you know all this how? If developers listened to people like you, none of them would’ve invested a dime in the Brickell area or other places like Sunny Isles Beach. Making a few elementary statements doesn’t make you an expert.

And then you say “I hope this project goes up and sells out.” And To that, here’s another “obsolete” saying or rhyme from the past – “Mary Mary quite contrary.”

Poor Oleta
6 years ago

http://www.pooroleta.com

Get the facts and the figures about this development. Know the history about this toxic dump and the people accountable for making decisions. We did our part by taking the responsibility upon ourselves to provide the information and be a voice for a land that has been abused a people that has been used soley for money. Now it’s time for citizens to do their part.

greeN or greeD (N = noble, D= Dump), choose.