Codina Partners and Lennar Corp. are close to finalizing one of the most expensive land deals in Miami-Dade history, as the sale of the White Course in Doral is quickly coming to a close. The developers recently won the bid for the 130-acre property and are planning to redevelop the golf course into a mixed-use project. There was significant demand for the parcel with over 100 groups requesting investment packages, and while the sale price is undisclosed, industry experts estimate that it was in the $100 million range. The team of developers beat out other high profile investors, like Donald, Trump, Shoma Group’s Masoud Shojaee and others.
The White Course is located adjacent to the Trump National Doral Resort, in the northeast quadrant of Northwest 41st Street and Northwest 87th Avenue. Codina’s mixed-use project, Downtown Doral, is also next door. The seller, the sovereign fund of the government of Singapore, GIC, along with CBRE, which marketed the property on behalf of the seller, carefully considered the bids to be sure the buyer was complementary to the city of Doral. After possession of the property is transferred, in approximately 60 days, Codina Partners and Lennar will split the acreage 50/50, according to a recent article from The Real Deal. Codina has plans to build roughly 390 single-family homes and 90 townhouses.
“We’re going to build something to complement Downtown Doral,” said Codina.
Downtown Doral, the $1 billion mixed-use development, will feature 2,840 residential units in the form of condominium towers, townhouses, and rental units. Office buildings, a charter school and a government center are also planned. Lennar is also involved as they have partnered with Codina on the retail and restaurant development of the project.
“The Doral submarket is a very dynamic market in this real estate cycle,” said Robert Given, vice chairman of investment sales for CBRE. “And there is increasing housing demand in Doral in direct result of the redevelopment of the Trump Doral and Mr. Codina’s Downtown Doral development.”
The city of Doral is undergoing a massive transformation with several mixed-use projects in the works. In addition to Downtown Doral, Shoma and the Related Group are planning their CityPlace Doral and Midtown Doral is another belonging to Sergio Pino.
“Giving Doral a real downtown and a heart and a soul has been a mission for my daugher and I,” Codina recently said.
For more information about the city of Doral, including available properties, contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.