Sales  ·  Land

Miami Design District Owners Sell Development Sites for $20M

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Lionheart Capital bought two parcels near the Miami Design District for $20 million, completing an assemblage and setting the stage for a mixed-use development.

Both sites are on opposite ends of a block just north of the luxury shopping district. The slightly larger lot, which spans 5,350 square feet at 4240 NE Second Avenue, is home to a single-story building leased to an IGK hair salon and one of Lionheart’s offices. The other site, at 4200 NE Second Avenue, spans 5,100 square feet and is vacant. 

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The purchase gives Lionheart full control of the eastern part of the block, which totals about half an acre. In 2003, the development firm led by Ophir Sternberg, had purchased a 15,000-square-foot lot, nestled between the new acquisitions, for $710,000, according to property records.

Lionheart plans to erect a three-story, 65,000-square-foot office and retail development, according to the firm’s website. A representative for the company, which is best known for having developed the Ritz-Carlton condo complex in Miami Beach, did not immediately respond to a request for comment.

The sellers — the ownership group of the Miami Design District that includes Craig RobinsDacra, the LVMH-backed private equity group L Catterton, and Brookfield Properties — are focusing their efforts elsewhere in the 18-block retail development. 

Late last year, an investor group led by Robins paid $166 million for a 15-building portfolio along Northeast 39th Street, with plans to add a mixed-use development that’s likely to include a hotel.

Earlier this year, Dacra proposed building a 20-story rental building on a half-acre lot, sandwiched between 36th Street and the Interstate 195 expressway.

Julia Echikson can be reached at jechikson@commercialobserver.com