Miami-Dade Pays $54M for Dev Site to Expand Airport Operations

Lissette Calderon, founder and CEO of Neology Development Group, sold a multifamily development site near Miami International Airport to Miami-Dade County for $54 million, property records show. 

The Miami-Dade Aviation Department (MDAD) purchased the parcel, with the county’s aviation revenue bonds financing the acquisition, according to public documents. The 7.2-acre site at 2301 Northwest 33rd Avenue faces the Tamiami Canal, just off the Miami River, and is a half mile east of the airport. The Business Journals first reported the deal.

The sale marks a nearly 68 percent jump in value in just three years for Calderon’s Neology Development Group, which had paid $32.2 million for the land and planned to build 1,250 residential units across three buildings.

Two appraisers hired by Miami-Dade County had valued the property — which functions as a car rental facility — at $61 million and $54 million, per a county memo. 

Last month, MDAD voted to approve the sale, just as it embarked on a $9 billion plan to upgrade Miami International Airport. 

“MDAD is proactively purchasing land to facilitate the implementation of its capital improvement portfolio,” the county memo states.

The document does not elaborate on the reason for the acquisition beyond stating that “the land will be used for any compatible use that meets MIA’s demand for air travel and air cargo or for operational purposes.”

Neology, founded by Calderon, specializes in condo and multifamily development around the Miami River and in the industrial Allapattah neighborhood. In December, the Miami-based firm secured a $64 million bridge loan for a newly completed, 14-story rental building. 

Representatives for Miami-Dade County and Neology did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.