Jenny Burnell bought real estate in the Arts & Entertainment area for $ 19.8 million. This is the third purchase of Miami’s multi-family development site in the past year.
According to a news release from the seller’s broker, Burnell acquired nearly 0.9 acres of Block E real estate from the Kruger Family Trust at 1550 Northeast Miami Place through Clearline Real Estate.
Korea’s Mika Mattingly and Cecilia Estevez represented the Kruger Family Trust.
According to the memorandum of understanding, the property will enable a project of 427 units, which can reach 24 floors directly under the current zoning, or 48 floors with the bonus height allocated through the city’s public interest program.Similarly, the project is 260,764 square feet, or
338,993 sq ft with bonus.
The site is at Opportunity zone, Or government-designated areas that are deemed to require financial support. The 2017 Tax Reduction and Employment Act created an Opportunity Zone Act that encourages investors to invest capital gains in these areas in exchange for tax deferrals on these profits.
According to LinkedIn, Burnell is the CEO of Miami and New York-based Clearline, which was founded in January 2021 after working for the New York-based Kushner Properties for about seven years. Her last position at Kushner was the Development EVP, where she served for over four years.
Clearline focuses on Florida, New York, New Jersey and Tennessee and has 1,500 units in its development pipeline.
In Miami, Clearline purchased the 1.4-acre aggregate 2000 NorthMiami Avenue and 2021 Northwest Miami Court. Winwood for $ 19.1 million During April.
Clearline has also partnered with Hoboken, Brookfield Properties, a New Jersey-based Ironstate Development. Arby brand An apartment building planned for the former Art by God Museum and stores, on the east side of the Florida East Coast Railway, between 26th and 27th streets northeast of Winwood. Clearline is $ 15.6 million Purchased the site last year.
The Arts & Entertainment DistrictIt is undergoing rapid redevelopment, partly due to its proximity to the Adrian Arst Performing Arts Center, Philip and Patricia Frost Science Museum, and Metromover, between downtown Miami and Edgewater.
The site purchased by Clearline is less than 500 feet from the SchoolBoard Metromover station.
The Melo Group of the Melo family has developed apartment projects for Miami Plaza, Melody Tower, Square Station and Art Plaza and has invested heavily in the district.
In December, Melos opens over 3 acres of real estate $ 105 millionThere are preliminary plans for a four-tower residential and retail complex. The site is located between Biscayne Boulevard and Northeast Second Avenue, and between Northeast 17th Street and 17th Terrace.
Paid by developers Dan Kodsi and Rafael Pecchio $ 8.9 million The property, located on North Miami Avenue in 1317 and 1345, has 200 apartment towers planned.