The 2.6-acre property is in a designated Opportunity Zone
The Real Deal
By Keith Larsen
November 01, 2019
Rumasa Corp, which is tied to Martínez-Celeiro, sold the 72,903-square-foot warehouse at 690 Northwest 13th Street to a company tied to Kite Tax Lien Capital of Vero Beach.
The building sits on 2.6 acres of land next to Booker T. Washington Jr. High School. It sold for $130 per square foot.
Martínez-Celeiro, better known by his stage name George Martin, bought the property for $1.45 million in 2002, records show.
Property values in Overtown, a historical African American community, are rising due to the neighborhood’s proximity to downtown Miami, Wynwood and its designation as an Opportunity Zone. Virgin Trains USA’s MiamiCentral station is also located in the neighborhood.
In order to qualify for the Opportunity Zone’s tax benefits, a developer or investor has to build new construction or “substantially redevelop” an existing property, which means doubling the investment in the property.
Michael Tillman’s PTM Partners and Estate Investments Group are seeking to take advantage of this tax break and are building a 360-unit multifamily building at 218 Northwest Eighth Street in Overtown.
Martínez-Celeiro owns the Babylon Apartments site on Brickell Bay Drive. He recently lost a battle with commissioners to rezone the property to allow for a 24-story residential building. The site was previously home to one of Arquitectonica’s first projects in Miami and was known for its post-modern design.