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A rendering of the property at 421 Northeast 82nd Street in Little River
UPDATED, Feb. 26, 2:45 p.m.: A group of property owners in Miami’s Little River neighborhood are banding together to sell their assemblage, where a mixed-use project with nearly 400 units could be built.
The 2-acre assemblage, at 421 Northeast 82nd Street, includes 59 apartment units in eight buildings. Listing brokers Arden Karson of Karson & Co, and Mika Mattingly and Cecilia Estevez of Colliers International are marketing the site as Junction at Little River. Karson said the property, which is unpriced, could trade between $18 million and $20 million.
Under T-6-8-O Miami 21 zoning, the Little River site could be developed into a 12-story building with 388 units and 55,000 square feet of commercial space with bonuses, according to a press release. Without bonuses, a developer could build up to eight stories tall and 310 units.
Zach Vella and Lionel Masson (inset) with 228 and 302 West Dilido Drive
Developer Zachary Vella paid $15.2 million for two adjacent waterfront Miami Beach lots where he plans to build a home for his family.
Lionel Masson, the founder and former CEO of Pharmacies Lafayette, a pharmacy chain in France, sold the properties at 228 and 302 West Dilido Drive on the Venetian Islands to the Vella Group CEO, according to the brokerages involved in the deal. They sold for $688 per square foot.
Natalia Gryczynska
Masson planned to build two spec homes on the lots, but due to the booming market decided to see what he could get if he sold the properties, said his broker, Jim Agard of Vendôme Capital. Natalia Gryczynska of Brown Harris Stevens represented Vella.
Vera De Souza insists sheâs been a good tenant.
Sheâs lived in Design Place for the past eight years, and for most of that time has never missed a rent payment. That is, until COVID-19 came along and she lost her job as a restaurant worker. De Souzaâs rental assistance is still being processed, but in the meantime her income is limited to weekly $275 unemployment checks and whatever money she can earn selling homemade masks. On top of that she is helping her daughter-in-law, who also lives in the complex, recover from a difficult birth.
De Souza said the propertyâs management told her theyâd work with her, just as they had months ago when she first fell behind on her rent. But just 10 days before Christmas, she was served with an eviction notice.
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