An iconic Homestead property between Krome Avenue and US1 was recently sold to investors who plan a mixed-use residential and commercial project for the site.
Formerly a trailer park, the parcels between SW 4th Street and SW 6th Street total 11.6 acres.
Homfarmland LLC sold the property at 503 S Krome Avenue for $5.4 million to Bravo & Partners, owned by Armando and Neyda Bravo.
Recent speculation was the property was ripe for development as the southern entrance to the City of Homestead. The land dotted with concrete trailer pads since Hurricane Andrew damaged the community changed hands several times over the years, the last in 2015 in lieu of foreclosure.
Bravo commented to the media that it plans a 190-unit apartment complex composed of several four-story buildings and 70,000 square feet of retail space along South Homestead Boulevard (U.S. 1). No plans have been filed yet with the City.
The land is in a federal Opportunity Zone. The 2017 Tax Cuts and Jobs Act amended the IRS Code to set up zones, nominated by the state, certified by the U.S. Treasury, in communities with a poverty rate of at least 20%. The idea was to encourage community development through long term investments.
Opportunity Zones defer taxes on previously earned capital gains that are invested, if held for five years, seven years or ten years. Properties held ten years owe no taxes on capital gains produced. There are 8700 Opportunity Zones all over the United States and its territories.
Several sources assume the creation of many jobs with the construction of the Amazon distribution center along Palm Drive fueling the push to develop empty Homestead land.
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The South Florida Business Journal reported a site plan was filed in August to build a steel mill on the northeast corner of the Homestead Air Reserve Base.
Miami-Dade Commissioners approved the sale of 123 acres in May 2019. The land at 28451 SW 127th Avenue sold for $5 million on condition that a consortium of investors would spend $224 million on the project, creating 236 full-time jobs.
Plans show a large mill building of 462,000 square feet, a nearly 17,000 square foot office building and a guardhouse of about 11,000 square feet. Parking spaces for 294 vehicles are in the plans.
Miami Steel is reportedly owned by Gustavo Lopez, Shana Cox, and Julio Gimenez, son of U.S. Representative and former Miami-Dade Mayor Carolos Gimenez.
The irregularly-shaped property now containing about 204 acres has sufficient space for expansion with an electrical substation and water treatment plant already on site. Miami Steel expects to create 180 jobs onsite with a ripple effect of additional indirect jobs throughout the community.