MIAMI-The development arm of Greater Miami Neighborhoods Inc. has acquired a nearly 2.9-acre parcel at 3372-3380 NW 17th Ave. from the Washington, DC-based Carlyle Group for $6.8 million. The deal amounts to $2.4 million an acre, or $54.39 per sf. GMN plans to develop affordable housing on the land.
Richard Spado, land specialist at Coral Gables-based Colliers Abood Wood-Fay, represented GMN in the acquisition. Carlyle Group was represented in house.
"The price is reasonable for such a large parcel in Miami," Spado tells GlobeSt.com. "It is largely vacant and it has good zoning." It is zoned for high-density residential, and he says it can accommodate up to 450 housing units. "GMN's plans are not finalized," he adds, "but it expects to develop a mix of rental and ownership units."
A call to GMN was not returned by deadline. GMN is a nonprofit organization that works in private/public partnerships to develop, own and manage affordable housing. It has developed or assisted in the development of more than 5,000 units of affordable rental and ownership housing valued at in excess of $300 million.
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