Alta Development buys Miami River multi-family site for $15 million

Henry Pino of Alta Development with 1451 Northwest 14th Street (Zillow)

Alta Development has picked up an assembly near the Miami River for $14.6 million, with plans to build a multi-family project.

A subsidiary of Miami-based Alta Development, led by Principal Henry Pino, purchased six properties at 1410, 1420, and 1428 Northwest 14th Avenue; 1420 and 1430 Northwest 14th terrace; and 1451 Northwest 14th Street, according to records. The buyer paid $265 per square foot for the 1.3 acre site and secured a $17.4 million mortgage from River KS Finance.

The off-market deal involved two different sellers, according to a press release. Virgilio Fernandez and Mitash Kripalani with Colliers represented Alta and one of the vendors, American Business Continuity Domes, which is managed by John Fedele in Coral Gables. American Business paid $1.3 million for two of the properties in 2014 and sold them to Alta for $5.5 million, records show.

For the other four properties, Babba Yosharim with Beachfront Realty represented the seller, JCCE Commercial LLC, managed by Jerry and Colleen Enis, also of Coral Gables. JCCE paid $450,000 for the properties between 1980 and 1986, records show. Alta paid $9 million to JCCE.

The development site is in the Miami Health District, less than half a mile west of the Civic Center subway station. The zoning of the properties allows for a 20-storey project with 189 units. Alta plans to seek approval from Miami-Dade County for a rapid transit designation that would allow for increased density, more apartments and reduced parking, the statement said. If approved, Alta could build up to 650 units.

The properties are also close to Miami River Landing, a $425 million mixed-use project with 528 apartments and a commercial component including Hobby Lobby, Publix, Burlington and Planet Fitness, among others.

Strong demand for apartments has driven up rents in Miami’s health district, Fernandez said in a statement. The site is one of the last in the area to accommodate a high-rise multi-family project at market price, he added.

In 2020, Pino launched Alta Development after leaving a company of the same name, Alta Developers, which is led by director and CEO Raimundo Onetto. During Pino’s tenure, Alta Developers’ projects included Quadro, a 13-story, 198-unit mixed-use apartment building in the Miami Design District; and Eon, two apartment complexes in Fort Lauderdale’s Flagler Village.

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