Legacy Residential Group and CD Group sold a development site near Florida City for $31.6 million, scrapping their plan for 309 rental townhouses.
Boston-based Freehold Capital Management bought the 50-acre land assemblage on the southeast corner of Southwest 344th Street and Southwest 199th Avenue in unincorporated Miami-Dade County, according to records. Freehold Capital borrowed $11.6 million for the purchase from Investment Property Exchange Services, an intermediary for the seller, records show.
Last year, Legacy Residential and CD Group filed an application for Legacy Villas at Palm Drive, where some of the townhouses would be at workforce rents targeting households earning about 120 percent of the area median income.
The project is fully approved, according to Tom Cabrerizo, CEO of Legacy.
Development is becoming more cost prohibitive due to higher interest rates, skyrocketing insurance premiums, and elevated construction labor and materials costs. The Trump administration’s tariff policies also threaten to further increase costs.
But Legacy and CD Group didn’t sell because of any of these issues.
“We could have made the numbers work,” Cabrerizo said. “We got a very good offer for the property and decided to sell.”
The sellers had paid $6.3 million for the site in 2021, records show.
Legacy and CD Group, both based in Miami, are collaborating on several other South Florida projects. Near Miami International Airport, the pair propose an eight-story, 235-unit apartment building at 3685 Northwest 36th Street in unincorporated Miami-Dade.
CD Group, which stands for Cayon Development, is led by Mauricio Cayon.
Freehold Capital, founded in 2013, is a real estate investment and development firm with a portfolio of more than 16,000 acres of land; 500,000 square feet of retail and offices; and 32,000 for-sale and rental units, including completed and under development units, according to its website. Freehold is led by Jesse Baker and Thomas “Casey” Tischer Jr.
South Miami-Dade has become a magnet for developers largely due to the area’s ample supply of buildable land that comes at a discount compared with prices in prime Miami neighborhoods. South Miami-Dade consists of the municipalities of Homestead and Florida City, as well as the neighborhoods of Goulds, Leisure City, Naranja and Princeton.
Aconcagua, led by Martin Muniz and Horacio Bossi, wants to build an eight-story, 162-unit apartment building on the northwest corner of Southwest 248th Street and Southwest 128th Avenue in Princeton. Lennar proposes 192 single-family homes in two projects: Rodan Estates with 138 homes on the southeast corner of Southwest 220th Street and Southwest 133rd Court near Goulds, as well as a second project with 54 homes on the southeast corner of Southwest 212th Street and Southwest 127th Avenue in Goulds.
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