Acre Cos. has big development plans near Hard Rock Stadium in Miami Gardens
Some vacant plots of land near Stephen Ross’ Hard Rock Stadium in Miami Gardens are being developed, amid a push by investors to capitalize on the recently renovated attraction.
Property records show a partnership between an affiliate of Acre Companies and commercial real estate developer Education Development Specialists just scored a $10 million construction loan to build a 24 Hour Fitness health club and gas station at 19281 Northwest 27th Avenue.
Once complete, the health club will span about 37,000 square feet and feature 240 parking spaces. Murphy Oil USA also inked a lease for a gas station on the property.
The developers also filed plans with Miami-Dade County to build a rental community just east of the development called Center at Miami Gardens. Those plans reveal the developers want to build up to 272 rental units at 19371 Northwest 27th Avenue.
The 24 Hour Fitness health club will be built across the street from a recently completed Youfit Health Clubs at 19400 Northwest 27th Avenue. Representatives at Acre and Education Development Specialists, based out of Deerfield Beach, were not immediately available to comment.
Acre Companies, led by Gabriel Eugene Arechaederra, is based out of Pleasanton, California. Since its creation in 2010, the firm’s real estate deals have totaled more than $175 million, according to its website.
Records show the partners bought the nearly 17-acre lot in 2016 for $6.95 million.
Stephen Ross, founder and chairman of the Related Companies and owner of the Miami Dolphins, has invested $500 million to renovate and rebrand the nearby Hard Rock Stadium.
At least two developers, Barron Channer and Abraham Baker have already shown interest in developing hotel attractions on about 40 acres of city-owned land near the stadium.
Source: The Real Deal