The head of a real estate development firm that acquired a property in Miami’s Little Havana neighborhood said he plans to redevelop it.
As recently reported, Gamla Cedron Flagler LLC acquired a 2-acre site at Flagler Street and Northwest 11th Avenue for a combined $11.19 million. It controls most of the block, which currently has retail buildings.
Shaoul Mishal, president of Aventura-based Gamla Cedron Group, said he plans to redevelop the property with apartments and ground-floor retail. He said it would be similar to the InTown apartments on Southwest 8th Street in Little Havana.
“We really believe in that location, in the heart of Flagler Street with good proximity to downtown and Brickell,” Mishal said.
This is Gamla Cedron’s second acquisition Little Havana. Last year, it paid $2.2 million for the retail building at 2955 S.W. 8th St. It also owns 32 condos in several buildings in Miami’s Brickell Financial District.
Before he founded Gamla Cedron Group, Mishal was the CEO of Elad Group Florida and made commercial real estate investments in the United States for Tshuva Group, based in Israel.