News

Know about market updates

Century Homebuilders buys Miami land for $9M to build new townhomes

Century Homebuilders buys Miami land for $9M to build new townhomes
Community will have 131 residences on just under 10 acres
April 11, 2016 12:00PMBy Sean Stewart-Muniz

Corner of Southwest 4th Street and Southwest 92nd Avenue and Sergio Pino

Sergio Pino’s Century Homebuilders Group just closed on a $9 million land deal near Westchester and has broken ground on a new townhome community.
The deal includes 9.6 acres of vacant land at along Southwest 92nd Avenue and Southwest 4th Street in the unincorporated neighborhood of Fontainebleau. County records show the seller was a limited liability company managed by Chateau Group’s Manuel Grosskopf, who’s developing several coastal projects like the upcoming Fendi Chateau Residences.
Pino financed his company’s purchase with an $11 million loan from Capital Bank Corp., and has also filed a notice of commencement to begin construction on 131 new townhomes on the property. The community is called Century Park Place: details are scarce, though Century’s website describes them as modern style, luxury townhomes.
Century is also developing Midtown Doral, a massive mixed-use project promising to deliver more than 1,000 condos, 230,000 square feet of commercial space and 100,000 square feet of offices to the rapidly changing city.
Grosskopf, through a company called Orot Flagler, bought the land plus a former Florida Power & Light call center from the utilities provider for $37 million in 2011. He then sold the six-story call center for $57.5 million, and has now sold the extra land to Century Homebuilders for another $9 million.


Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *