The Richman Group of Companies is seeking a buyer for a development site approved for a mixed-use project near a Metrorail station between Miami and Hialeah.
An affiliate of Richman, a West Palm Beach-based multifamily development and investment firm, listed the 2.6-acre vacant property at 8001 Northwest 27th Avenue, according to an online brochure. The asking price is $12 million.
Virgilio Fernandez and Mitash Kripalani with Colliers are marketing the property, the brochure states.
In 2021, Miami-Dade County approved Richman’s site plan for an 11-story building with 374 apartments, 3,740 of retail space, and 543 parking spaces, the brochure states. The same year, Richman Owner paid $6 million for the property, which is less than a half-mile east of the Miami-Dade Northside Metrorail Station, records show.
As a result of transit oriented development bonuses, Richman was able to increase the density of the project, which was previously envisioned as a six-story building with 110 apartments and 570 square feet of retail, according to published reports.
Richman, led by chairman Richard Richman, has provided development, equity investment, mortgage financing, asset management and property management for multifamily projects across the U.S. since the firm was founded in 1986, according to the company’s website. Richman has developed more than 26,000 apartments nationwide totaling about $8 billion.
In 2021, Richman built a 354-unit apartment project in Boca Raton with a $57.4 million construction loan from PNC Bank.
Developers across South Florida are in a mixed-use frenzy, as a multitude of projects featuring apartments with either office, retail or both are in the pipeline. This month, Brooklyn-based Condra Property Group submitted a site plan to the city of Hollywood for a proposed oceanfront development that entails an 18-story condominium tower with 137 units, a rental component with 91 apartments and a building housing a restaurant and beach club.
Last month, Apollo Companies and Liberty Base Investments narrowly received approval for a planned mixed-use project in Dania Beach with 102 apartments, 22,000 square feet of office space and ground-floor retail.