CLIENT NEWS: North Miami Beach development site assembled for $14M
May 20, 2022A developer assembled a North Miami Beach development site for $14.12 million, with plans to build a 28-story apartment project.
In the bigger deal, NMBPlace LLC, managed by Victor F. Dante in North Miami Beach, sold the 1.59-acre site at 1959 N.E. 164th St. for $12.9 million to NMB Place Owner, in care of Baltimore, Maryland-based JSB Capital Group.
The same entity paid $1.22 million to TFH Group, managed by Dante and Fena M. Brooks, for the 9,283-square-foot site at 1999 N.E. 164th St.
Miami-based LC 4.2 NEB LLC provided a $13.6 million mortgage secured by both neighboring properties. The loan was signed by Scott A. Greenwald of Miami-based GFS Corp., which is working with JSB Capital on the deal.
In January, the developer filed plans to replace the two retail buildings there with a 1.22 million-square-foot project. NMB Place would have two towers with a combined 700 apartments, 11,540 square feet of retail, 6,810 square feet of office and 957 parking spaces. Each tower would have a pool and amenity deck on the ninth floor, situated atop the parking garage. The office space would take up seven floors of the podium of the western tower.
This site is located three blocks west of Biscayne Boulevard. North Miami Beach rezoned much of the area several years ago to allow more density and mixed-use development to encourage development and bring more residents and businesses to the city. Several developers have filed plans for big projects in the city.
