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

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.