Ram Realty pays $13 million for South Miami-Dade development sites

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An unaddressed parcel of land purchased by Ram Realty with Ram Realty Advisors CEO Casey Cummings (Ram Realty, Miami-Dade County Property Appraiser’s office)

Ram Realty Advisors is in line to add more residential and retail units to its mixed-use development in southern Miami-Dade County, north of Zoo Miami.

Ram Realty bought 17.8 acres surrounding the Walmart Supercenter which is under construction for $13.2 million, records show. The University of Miami sold the two properties to two subsidiaries of Ram Realty. The sites are part of a much larger project under development.

In the larger of the last two deals, Ram Realty bought a 12.4-acre property just south of Walmart for $10.5 million. The land could be developed with 300 or more residential units, according to an assignment of development rights filing from UM to Ram Realty. The document does not specify whether it will be condominiums or apartments.

Ram Realty also paid nearly $2.7 million for the 5.4-acre lot at 15301 Southwest 127th Avenue and just north of Walmart. The property could be developed with 108,000 square feet of space, with restaurant and liquor store uses permitted, depending on the allocation of development rights for the parcel.

Ram Realty secured a $7 million loan for the residential lot and $1.3 million for the retail lot, both from PNC Bank, records show.

The Palm Beach Gardens-based developer, led by Casey Cummings, declined to comment on the deal and its plans for the sites.

Parts of Ram Realty’s larger 80+ acre project have already been completed and some of the properties have been sold. In December, Atlanta-based Cortland purchased the 408-unit Mareas at Botanica apartment complex, renaming it Cortland South Kendall, and an adjacent multi-family development lot for a total of $174.3 million.

Development of the sprawling mixed-use community is underway, having been mired in litigation, with environmentalists claiming construction would raze some of the largest rare pine forest habitat outside Everglades National Park.

After UM sold the majority of the property to Ram Realty in 2014, four environmental groups sued the US Fish and Wildlife Service and other agencies in federal court for approving the developer’s allegedly incomplete conservation plan. Ram Realty argued at the time that it had spent years crafting a development plan that would conserve the habitat, and government officials also said UM had failed to maintain the land.

Although the suit initially scored a victory with a judge ordering a halt to land clearing, the ruling was eventually lifted and the litigation settled confidentially in 2018.

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