MIAMI--North Miami is in for a commercial real estate transformation. And Richard LeFrak is one of the masterminds behind it.

Oleta Partners, a partnership between LeFrak and Turnberry Associates, purchased fee title to 55 acres of the 183-acre SoLe Mia development on October 30from the City of North Miami The purchase price: $22 million, of which the City of North Miami Financed 80% by its own request.

"We continue to work toward building a world-class mixed-use community within the City of North Miami," says Michael Tillman, president of Oleta. "This is just another milestone in our efforts towards making SoLe Mia and North Miamiprime destinations in South Florida."

The LeFraks and the Soffers aim to develop a premier master planned community that will dramatically reshape and revitalize the landscape while generating new jobs and significant revenue dollars for the City of North Miami and its residents. The developers' vision is to transform North Miami into a landmark destination and driving force for growth and progress in the area.

Oleta is building the infrastructure at SoLe Mia. The spine road which is well under construction will allow for navigation of the entire site from Northeast 143rd Street to Northeast 151st Street. SoLe Mia will be one of the largest integrated developments in the nation with about 4,390 residences and more than 1 million square feet of commercial, retail, and office space.

"You have great cultural and great culinary, a great beach, a financial sector, and the second busiest airport in the country," LeFrak told Shalala and conference attendance at the standing room University of Miami Impact Conference 2015. "You are a global city and your market here is the world. People will look back at this time as a transformational period for this city."