$3M Land Purchase Spurs Condo Development

MIAMI-Biscayne Bay of Miami LLC, based in Newberry, FL, has purchased a tract of land on Biscayne Bay where it plans to develop a waterfront condominium project. The developers bought the property–which consists of 11 lots along Northeast 27th Street–for approximately $3.2 million, or an average of $290,909 per lot.The seller was Dan Rishavy of Link-Up Ltd, based in Miami. The property is zoned for 5,000 multifamily, high-density residential units, according to the Miami-Dade County property appraiser’s office. Records at that office list the property in five pieces: one that is 1,875 sf and four that are 2,200 sf each, for a total of 10,675 sf. This is for the five lots Link-Up Ltd. purchased in April 2003. After the five-lot purchase, the company entered into contracts to buy additional lots that adjoin the property from three different sellers. As part of the recent 11-lot sale, Link-Up Ltd. sold the five lots it owned and also assigned its rights under the three other contracts to Biscayne Bay of Miami LLC.”This piece of property is in a prime location for a residential development,” Gregory Taylor, founding partner of the law firm Taylor Hodkin Kopelowitz & Ostrow PA, based in Fort Lauderdale, FL, says in a statement. Taylor represented the seller in the transaction. “Waterfront property is becoming a valued commodity in Downtown Miami, and these lots are perfectly situated in the Biscayne Bay area.”This is not the first time the land was purchased with intentions of building a multifamily project. Rishavy had purchased the lots with plans of developing condos; however, he sold the property after he became president of Charter Schools of USA, a company that finds sites for charter schools, according to a spokesperson for Taylor Hodkin Kopelowitz & Ostrow, a real estate and litigation firm. Link-Up Ltd. paid $850,000 for the original five lots a little more than a year ago, in April 2003, according to records at the property appraiser’s office.Taylor said this was a good time to sell because Link-Up Ltd. “had multiple offers on the property.” James Stockman, an attorney based in Newberry, FL, represented the buyer.