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Congress Group And Peakhill Equity Acquire Development Site In Miami's Health District For $16M

Property Image
SOLD
$16,000,000

Florida

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Development Site
Sold 07/10/2023
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Property Image
SOLD

Congress Group And Peakhill Equity Acquire Development Site In Miami's Health District For $16M

1050 NW 14th St Miami, FL 33136, USA

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Development Site
Sold 07/10/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

On July 10, 2023, a development site located at 1050 Northwest 14th Street in Miami was sold. The property spans 0.85 acres and was acquired for a sale price of $16,000,000.

Summary of Transaction Details

  • Property Type: Development Site
  • Transaction Amount: $16,000,000
  • Market: Miami
  • Buyer: Congress Group - Dean Stratouly; Peakhill Equity - Jonah Belkin & Harley Gold
  • Seller: Taurus Investment Holdings - Peter Merrigan
  • Lender: LV Lending

Congress Group, in partnership with Peakhill Equity TS, plans to repurpose the triangular parking lot adjacent to the Shops at Civica in Miami's Health District. Instead of constructing medical offices as initially planned, the firms intend to build a 27-story apartment tower. The development will feature a 380-unit complex and is expected to commence construction in the first quarter. The decision to shift from office spaces to residential units was influenced by the current weak office market. The project is projected for completion in 2027.

Players

LV Lending
LV Lending
BROKERAGE
Peter A. Merrigan
Taurus Investment Holdings
Peter A. Merrigan
13 deals$1.2B volume
SELLER
LV Lending
LV Lending
LENDER

Details

SOLD
IMAGE: Jonah Belkin, Peter Merrigan, Harley Gold & Dean Stratouly DATE: 07/10/2023 ADDRESS: 1050 Northwest 14th Street MARKET: Miami ASSET TYPE: Development Site ~ ACRES: 0.85 BUYER: Congress Group - Dean Stratouly; Peakhill Equity - Jonah Belkin & Harley Gold SELLER: Taurus Investment Holdings - Peter Merrigan LENDER: LV Lending SALE PRICE: $16,000,000 NOTE: Congress Group, a Boston-based firm, plans to build a 27-story apartment tower in Miami's Health District instead of the previously planned medical offices. The project, in partnership with Peakhill Equity TS, will feature a 380-unit complex on a triangular parking lot next to the Shops at Civica. The decision to switch to apartments was due to the weak office market, and construction is set to start in the first quarter, with completion expected in 2027.

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