NY firm buys into mixed-use development in Overtown
LargaVista Companies, a New York-based development and investment firm, just bought into a mixed-use project in Overtown, the company announced on Monday.
LargaVista also broke ground on the development, a 55,000-square-foot, two-story retail and office building on Northwest Eighth Street.
Lyric Point will be built next to the historic Lyric Theater in Overtown and across from MiamiCentral. The building is the fourth phase of a development agreement from 2012 between the Southwest Overtown/Park West Community Redevelopment Agency and Gatehouse Group affiliate Lyric Development LLC, according to a press release. Under the agreement, LargaVista paid just over $2 million to the county and CRA, according to a spokesperson for LargaVista. The spokesperson declined to identify terms of the deal between LargaVista and Gatehouse.
Kobi Karp designed Lyric Point. Zach Winkler and Eric Groffman of JLL will manage the property, which will be completed in about a year. It’s the first Miami investment for LargaVista.
Other projects under construction in the area include MiamiCentral, a mixed-use development centered around Florida East Coast Industries’ high-speed rail service, Brightline; and Miami Worldcenter, a 30-plus-acre master planned, mixed-use community with condos, retail, office space and more. Soccer legend David Beckham and partners also plan to build a Major League Soccer stadium in the neighborhood.
Source: The Real Deal