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Completed Project
Former Peoples Gas Site
This property is located off Biscayne Blvd in North Miami Beach. The 17-acre site was formerly operated by Peoples gas from 1930 to 1984.
The site was operated as a manufactured gas facility that stored tens of thousands of gallons of fuel in multiple tanks across the property. Goldstein obtained the BRSA designation while the client secured necessary entitlements for the property by changing the zoning from industrial to residential. TECO, formerly Peoples Gas and former owner of the site, maintained responsibility for soil removal and clean-up which was completed in 2014. Within two years the client achieved over a 4.75x return on their investment.
North Miami, Florida
Original Property Use
Manufactured Gas Storage
Purchase Date
August 2012
Sale Date
June 2014
Acquisition Cost
($2,200,000)
Environmental Cost to Cure Gross
$0
Environmental Cost to Cure Incentive Eligible
$0
Entitlement Costs
($500,000)
Environmental Insurance
($275,000)
Real estate Taxes / Expenses
($200,000)
Carry Time (Months)
23
End Uses
Planning phase for mixed-use, high density residential
Sale Price
$17,000,000
Closing Cost
($1,105,000)
Net Proceeds
$12,720,000
Return
478%
IRR
137%
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