A long-stalled transit-oriented development project at the South Miami Metrorail Station has been sold to a new developer.
Hometown Station Ltd., managed by Machado Ford President Gus Machado, assigned the lease with Miami-Dade County Transit for $13 million to TREO Somi Station LLC, an affiliate of Miami-based the Treo Group. The buyer is managed by Carlos A. Ortega, Eduardo J. Garcia, Rolando Delgado, and Otto Boudet-Murias.
The lease covers about 6.2 cares of vacant land and a parking garage near the Metrorail station at South Dixie Highway and Southwest 70th Street
The lease was awarded back in 1999, when Hometown Station was managed byRaul P. Masvidal. The original plans included an apartment building and an office building for the Miami-Dade Housing Authority. However, the project stalled amid a flurry of litigation between Masvidal and the county.
With Machado at the helm, the lease between Hometown Station and Miami-Dade was amended in May with a 90-year extension. That’s the lease Treo Group acquired. It requires the developer to start construction within three years and complete at least 100,000 square feet of development, either hotel, retail, residential or office, within five years. If the developer tears down the county parking garage, it must provide the county with 1,300 new spaces.
The annual base rent is $585,000 plus a consumer price index adjustment.
It’s not clear what the Treo Group plans to build.
South Florida Business Journal