Two of the most powerful real estate development families – the LeFraks and the Soffers have come together for a mammoth $4 billion project in North Miami Beach. The project, which will be built on a 183-acre former superfund landfill, takes a long view on development, and won’t reach the first phase of completion until 2016.
SoLe Mia (the name is a combination of Soffer and LeFrak), will have 4,390 residential units spread out over 12 buildings, as well as almost 1 million square feet of commercial space (220,000 square feet of that will be office). The project broke ground with Harrison LeFrak, RIchard LeFrak, Jackie Soffer, and Jeff Soffer all present.
The site, which is undeveloped, is the same parcel where Biscayne Landing had been intended for. Like Biscayne Landing, there are parks and green open spaces planned including 37 acres of parks and two swimmable lagoons. Jackie Soffer, who oversees Turnberry’s retail operations at Aventura Mall, has said there will be a gourmet market, dine-in movie theater and over 600,000 feet of retail. Some serious tenants are eyeing the project and Warren Henry Auto has already signed on.
The only thing SoLe Mia might not have enough of is parking. It was reported that there will be 4,171 parking spaces at the development—which sounds like a lot until you realize that there are almost 200 more residences than that, and not counting the retail and commercial.