402‑Unit Rental Building Planned at Ex‑JWU North Miami Site

Key Points

• 402 market‑rate rentals planned for an eight‑story apartment project.

• $26 million land acquisition backed by a $13 million loan.

• Construction expected to begin in Q3 2026, with completion set for 2028.

Lore Development Group, a joint venture between Leste Group and Brazil-based Opportunity Fundo de Investimento Imobiliário, is pushing ahead with a new 402-unit apartment complex on a portion of the former Johnson & Wales University campus in North Miami. This marks a key redevelopment step for the now-defunct educational site.

Development Overview

• The project, called Biscayne North Miami, will rise on a 3.2-acre site across three lots near Northeast 17th Avenue between 126th and 127th streets.

• Designed by Corwil Architects, the eight-story building will include studios through three-bedroom apartments, all offered as market-rate rentals.

• Construction is scheduled to start by the third quarter of 2026, with completion targeted for 2028.

Financial Structure & Ownership Shift

• Lore acquired the site for $26 million in June, using a $13 million loan from Linkvest Capital to finance the purchase.

• Previously, Golub & Co. had paid $10 million for the site in 2021 and had envisioned a 450-unit development. Leste Group and Opportunity Fund were original investors in that project.

• The new Lore JV was formed in 2023 and has now taken full control of the development as both owner and developer.

Developer Profile

• Lore Development Group is a combination of Leste Group, a global alternative investment manager with offices in Miami, New York, São Paulo, and Rio, and Opportunity Fundo, a long-established Brazilian asset manager.

• Lore's other South Florida developments include a 48-unit condo in Coconut Grove and the 505-unit Summit at Brickell. The Brickell project is nearing final permitting and review.

Broader JWU Campus Repurposing

• Johnson & Wales University closed its North Miami campus in 2021. Property Markets Group initially bought the full 25-acre campus for $60 million, later selling off parcels to other developers.

• The Related Group acquired a 3-acre site for its 382-unit Manor Biscayne project.

• Tate Capital bought the campus recreation center and leased it to the city of North Miami for 15 years.

• Mater Academy Charter Schools also purchased several JWU buildings and has opened a K-12 charter school on-site.

The Biscayne North Miami development by Lore marks a significant step in transforming the former Johnson & Wales University property into a high-density residential neighborhood. With experienced developers, secured financing, and a prime location, this project is well-positioned to meet the ongoing demand for market-rate housing in South Florida.