Henry Pino Of Alta Development Acquires 1-Acre Development Site In South Miami For $29M

A development site comprising 1 acre located at 5959 Southwest 71st Street & 7090 Southwest 59th Place in South Miami has been sold for $29,000,000. The asset is currently occupied by a hotel and retail building, with plans for redevelopment into SoMi Walk, a 16-story, 173-unit student housing project that will include 675 beds, targeting a Fall 2028 opening.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $29,000,000
• Buyer: Henry Pino - Alta Development
• Seller: Francisco Martinez-Miyashiki - Pacmiso 13 Corp.; James Andrew Dorsy - Grec Pinecrest LLC
• Address: 5959 Southwest 71st Street & 7090 Southwest 59th Place
• Market: South Miami
• Acres: 1

Henry Pino, representing Alta Development, has now acquired this prime location near the University of Miami. The sellers, Francisco Martinez-Miyashiki of Pacmiso 13 Corp. and James Andrew Dorsy of Grec Pinecrest LLC, have concluded this transaction reflecting the growing demand for student housing in the region.