Texas Developer Buying Biscayne Boulevard Block For Rental Housing
Written by Paola Iuspa on July 25, 2002
By Paola Iuspa
texas developer buying biscayne boulevard block for rental housing trucking corridor could link port of miami to state road 836 by ’06 watson island tunnel resurfaces as favored long-term solution to downtown traffic flow ripley’s plans to float aquarium proposal for downtown miami homestead weighing stadium uses from sports agent, concert promoter jewelry district envisioned as downtown diamond in the rough education campaign launched to ward off predatory lending calendar of events fyi miami filming in miami front page about miami today put your message in miami today contact miami today job opportunities research our files the online archive order reprints texas developer buying biscayne boulevard block for rental housingBy Paola Iuspa
One of the nation’s largest developers of rental housing is eyeing a parcel along Miami’s Biscayne Boulevard for medium-priced apartments across from Bicentennial Park.
Texas-based JPI, which develops and manages residential communities across the US, has a contract to buy the entire block between Northeast Ninth and 10th streets.
Hank Sopher, the New York and Miami parking czar and president & CEO of Quik Park, is selling 1.72 acres stretching from Biscayne Boulevard to Second Avenue. Without disclosing a sale price, broker Edie Laquer, representing Mr. Sopher, said his land on the boulevard sells at about $200 per square foot.
The site has been home to the offices of attorney Tom Post, which would be demolished for the apartments, Ms. Laquer said. With a closing expected by year’s end, JPI plans 400 residential units.
"This is good news for downtown," said City of Miami Commissioner Johnny Winton, whose district includes the site.
The Miami commission has been a proponent of building housing downtown on the grounds that a larger residential base would support area businesses.
The parcel is four blocks south of the $255 million performing arts center under construction at Biscayne Boulevard and 14th Street. Another rental project being proposed in the area is by Codina Group and would be on a waterfront parcel east of the American Airlines Arena, two blocks south of Mr. Sopher’s site.
Executives for JPI declined to be interviewed about the transaction.
The group has an investment venture with General Electric Capital Services to build and acquire apartments across the country, according to JPI’s website. General Electrical Services has committed in excess of $650 million I
JPI built Jefferson at Doral and is planning another community in Coral Gables.