20 houses in Hialeah to be redeveloped into apartments after $24M in deals.

August 10, 2023

By Brian Bandell for South Florida Business Journal

A Miami-based developer purchased 20 single-family homes in Hialeah from the individual owners for $23.5 million in order to set up a major redevelopment. Daniel Jaramillo, CEO of SP Developments, said the recently closed deals giving him ownership of all but one home on the block from East Ninth Avenue to East Tenth Avenue, between East 28th Street and East 27th Street. Only the homeowner at 942 E 28th Street wasn’t in the deal, but he can build around it, he added. That gives Jaramillo’s company ownership of about 3.65 acres of land. The city recently changed the land use on the property to transit-oriented development (TOD). The site is located two blocks northwest of the Tri-Rail/Metrorail Transfer Station. Jaramillo said he’s working with Miami-based Modis Architects on the redevelopment. His plan calls for 612 apartments in two buildings of 10 stories each, along with 4,000 square feet of retail and a parking garage. There would be an interior courtyard with a pool, and two other courtyards. Amenities would include a 3,000-square-foot fitness center.

Jaramillo said he worked through an intermediary starting in fall 2022 to contact each homeowner and offer them a price higher than their homes were worth. “Hialeah is where much of the Cuban population first came to Miami-Dade during the 1960s and most of these owners had their homes since the 1970s with no mortgage on it,” he said. “Everybody agreed to a higher price than their home was really worth.” There’s been an influx of development near the Metrorail stations in Hialeah recently as people seek less expensive apartments within walking distance of public transit. MG Developer has a $600 million project coming to that area.

External Source: SP Developments buys Hialeah houses to build apartments – South Florida Business Journal (bizjournals.com)