Redevelopment site in Little Havana sells for $11M

Published May 9, 2018
South Florida Business Journal

A Little Havana property that’s slightly larger than 2 acres with the potential for redevelopment was sold in two transactions for a combined $11.19 million.

The retail strip along Flagler Street currently has stores and restaurants such as Ideal Baby and Nardy’s Market Place. It’s about three blocks southeast of Marlins Park. There’s been a recent wave of redevelopment in Little Havana as people look for less-expensive places to live just outside of downtown Miami.

The transaction was brokered by Agustin Duarte of Remax 360/Magic City Investments and Gabriel Serrano of New Miami Realty.

In the larger deal, $7.5 million was paid for 26,223 square feet of retail buildings and a 1,887-square-foot single-family home on 1.59 acres of land at 1101, 1119, 1125, 1141 and 1155 W. Flagler St.; 1104 and 1150 N.W. First St.; and 28 N.W. 11th Ave. The sellers were Rodri Corp. and 1125 Holdings, both managed by Bernardino Rodriguez and Martha Rodriguez. The couple had owned the home there under their names. The buildings were constructed between 1937 and 1957.

In the other deal, Paradise Apartments, managed by Ignacio Sotolongo and Caridad Sotolongo, sold the 8,952-square-foot retail building on a 19,000-square-foot lot at 1139 W. Flagler St. and 1140 N.W. First St. for $3.69 million to Gamla Cedron. It was built in 1957.

One property stands in the way of Gamla Cedron owning a contiguous site: the single-family home at 1110 N.W. First St.