Johnson & Wales is officially defunct in North Miami. Their 25-acre campus was purchased in early July by Property Management Group (PMG) for over $35 million. PMG then subdivided the campus into twenty-eight parts and are re-selling them to a variety of different owners.
And things are moving quickly. Seventeen of the 25 acres have already been flipped.
The largest single buyer has been Doral College who has picked up 8 acres. They intend to use their site to prepare young students for entrance to college. When they open in Fall 2021, they only expect to have 100 students from grades K-5. From there, they will expand over the next several years. Doral paid over $16 million.
Another three apartment buildings sold for $8.7 million to Kissimmee 3205 Shoppes LLC, managed by Yoram Izhak, CEO of North Miami-based IMC Equity Group. These buildings have a combined 74 units. I’ve met with Izhak who stated his intent is to modernize the apartments and continue to use them as rental sites. Izhak already owns several pieces of property in downtown North Miami near city hall.
The most recent resale was relatively small. Fifteen apartment units went for $1 million to Arch Creek Apartments LLC, managed by Mario Borda in North Miami. I’ve also spoken with a party to that deal and they agree this area is very important to North Miami’s immediate future.
Of course, I remain highly interested in the city somehow obtaining the Wildcat Center. Wildcat is a fantastic, modern athletic facility that would be of incredible use to North Miami residents. It has space for recreation programming, a gym and basketball court, and meeting space for community groups. It’s located on 1600 NE 125 Street and I’m exploring options for our city.