A development site in North Miami Beach that underwent remediation to rid it of contamination has sold for $21.14 million.

Attorneys Kerry E. Rosenthal, Eduardo Rasco, Heather A. Scott and Melissa Groisman, all of Rosenthal Rosenthal Rasco, said they represented the seller in the deal for the 17.8-acre site at 15780 W. Dixie Highway. It was sold by Moore 77 LLC, managed by Vitali Rosenthal, to New North Equities, managed by Hector Mendez in Aventura and Gabriel Boano in Bay Harbor Islands. The buyer received a $9.15 million mortgage from New Wave Loans Residential.

The attorneys from Rosenthal Rosenthal Rasco were hired to resolve litigation surrounding the property. According to Rosenthal, the deal was originally set to close in January 2016, but the Keiser Family Living Trust filed a lawsuit in Broward County Circuit Court seeking to rescind the sale of the property to Antigua at NMB Development, the company that sold Moore 77 LLC the property for $17 million in 2014.

Moore 77 LLC was named in the lawsuit but it couldn’t sell the property until the case was resolved. The case was settled after after almost a year of litigation, clearing the way for the sale.

Formerly a TECO Gas and People’s Gas site, the property was remediated over several years to clear it of contamination. It has development rights for up to 2,300 residential units and 2.5 million square feet of commercial space with heights of up to 20 stories.

 

Source: SFBJ

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