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MIAMI-Locally based cpf Investment Group plans to break ground in the second quarter on the $250-million Ave, Aviation and Commerce Center that will bring 2.6 million sf of retail, warehouse and hangar space near Opa-Locka Executive Airport.

Cpf received final approval from Miami-Dade County and the Federal Aviation Administration for a ground lease of the 178-acre parcel that borders the airport and NW 57th Avenue. The developer negotiated with the aviation department for more than 18 months to replace the prior leaseholder.

“With the critical assistance of the county, we were able to revamp the land lease, and we can now move forward with the creation of full-service, mixed-use aviation and commerce park,” says cpf principal Ernesto Cambo.The Staubach Co.’s Miami office will broker the retail and warehouse space. The hangar space will be handled by David Foster, of O’Gara Aviation, which sells corporate aircraft.

“We are hopeful that this long-anticipated redevelopment of space at the airport will help that valuable economic asset finally realize the immense potential, especially with its location inside both enterprise and empowerment zones,” says the Beacon Council president and CEO Frank Nero.

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