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Premium Capital Resources purchased a prime redevelopment opportunity in Miami, Florida - Highland Park, a 35-unit affordable housing project at the SEC of NW 11th Street and NW 7th Avenue. Premium plans to obtain zoning approval for an upscale transformation into 280 apartment units on a 1.26-acre city block.
Highland Park currently comprises 35 units with below-market rents.
The plan is to operate efficiently during the approval phase, with the flexibility to sell or develop the property.
Redevelopment could result in a significant savings with a per-unit land cost of $27,143 for a project near Downtown Miami.
Highland Park offers a unique chance to earn while awaiting finalized building plans, with the prospect of increasing density from 180 to 280 units. With its location near the Culmer Station and current affordable units, this deal stands out as a homerun opportunity for developers seeking a prime location near Downtown Miami.
