Deco Capital Group plans mixed-use project in Allapattah

Deco Capital Group plans mixed-use project in Allapattah

Monday, July 8, 2019
Bradley Colmer and Dan Marinberg with a rendering of the project

Bradley Colmer and Dan Marinberg with a rendering of the project

Affiliates of Deco Capital Group completed an assemblage of land in Miami’s Allapattah neighborhood, where the firm eventually plans to build a mixed-use medical office development, The Real Deal has learned.

The assemblage consists of the properties at 1045, 1055, 1061, 1069 and 1089 Northwest 20th Street; and 1058, 1068 and 1098 Northwest 21st Street, said Bradley Colmer, managing director of Deco Capital. Loomis, the cash management and armored car company, sold the majority of the lots.

A Deco Capital affiliate paid $1.7 million for 1045, 1055 and 1061 Northwest 20th Street in early 2018, and nearly $5 million for the remaining lots at the end of June, according to Deco Capital’s Dan Marinberg. Colmer, Marinberg and Gregory Togel own the affiliate, which now controls about 2 acres of land in Allapattah.

The properties include four industrial and commercial buildings with more than 29,000 square feet of space. Colmer, Marinberg and Togel plan to hold onto the cash-flowing properties with the long-term plan of redeveloping the site into about 400,000 square feet of medical offices, a hotel and retail space with a standalone garage, according to Colmer.

The group hired Bernardo Fort-Brescia’s Arquitectonica to design the complex, which will be just north of the Miami Health District and east of Robert Wennett’s properties. Leasing of the existing buildings is underway.

Allapattah, a primarily industrial area west of Wynwood and east of Miami International Airport, has attracted investors like Wennett, the Rubell family, Michael Simkins and Lyle Stern.

Wennett is planning a 1.4 million-square-foot mixed-use development on the Miami Produce Center property at 2140 Northwest 12th Avenue. Designed by Bjarke Ingels, the project will have as many as 2,400 co-living units and 637 traditional residential units, 231,000 square feet of office space, 129,000 square feet of retail space, 22,000 square feet for educational uses and more than 1,000 parking spaces.

In May, Rosinella Italian Trattoria owner Tonino Doino sold the building at 1101 and 1109 Northwest 22nd Street in Allapattah to CenturyLink for $18.75 million.

In Miami Beach’s Sunset Harbour neighborhood, Deco Capital Group and partner RWN Real Estate Partners are planning to build Sunset Park, a five-story development totaling 67,000 square feet with 20,000 square feet of ground-floor commercial space, one level of parking and 12 condo units.


Source: The Real Deal