The Porosoff Group of Compass Commercial is proud to present The Broadway Arts District Portfolio. The offering includes 39 commercial-zoned parcels along NW 18th Ave. The parcels include 18 buildings that are used as commercial buildings or residential with the remaining parcels scattered among the buildings along 18th Avenue. Additionally, the entire portfolio sits in an opportunity zone.
The Broadway Arts District Portfolio presents a unique opportunity. Along the 18th Ave business corridor, this portfolio represents the largest building and land ownership. An investor would be responsible for rehabbing existing buildings to market standards as well as working to assemble other land parcels for future development. Currently, there are over 1,500 brand-new residences coming to market over the next few years within blocks of the subject properties. This includes the New Liberty Square and Residences at Dr. King Boulevard showing the demand and changing landscape of the market. Additionally, the residential market is seeing all-time highs with new construction as well as renovated houses coming on the market.
Opportunity zones are economically distressed communities where new investments may be eligible for preferential tax treatment under certain conditions. Opportunity zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017. Opportunity zones have spurred economic development and job creation in distressed communities and Liberty City is no exception.
The Liberty City submarket is the northwest section of the City of Miami, just west of Interstate 95, spanning from Northwest 54th Street to Northwest 79th Street. The Broadway Arts District is within walking distance of public transportation, schools, public parks, and a hospital. The North Shore Medical Center is minutes away from the property. Moreover, The Broadway Arts District is 3 blocks from the first and largest mixed-income project in Miami-Dade called New Liberty Square Apartments. The $300 million projects incorporates public, affordable, workforce, and market-rate units. This 1,455 unit project will be completed is 2023 and will include a Publix supermarket and retail stores. The first phase with 204 units has already been delivered with the next phase not far behind.
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
License: FL SL3160379
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