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GKE is under contract to purchase a 2.08-acre property located directly on the Miami River in Miami, Florida.

The property, which is now vacant, is a former storage facility that housed and distributed insect and pest repellant. The former owner diligently pursued remediation for approximately 8 years. GKE has completed an in-depth review of the property’s environmental studies as well as the historical records of Miami-Dade Environmental Resource Management (DERM) and FDEP. The primary contaminants on this site are chlorinated pesticides that have a remediation protocol remarkably like the chlorinated solvents which were remediated on GKE’s recently completed property now known as Culmer Village.

The subject property was formerly zoned D-1, however the fund submitted for amendments to the comprehensive plan, and future land use were unanimously approved by the City of Miami Commission allowing for a new zoning of T6-T12 O. This new zoning will allow up to 150 units of market rate housing units per acre or 312 units to be built on the site. By virtue of the property being registered in the Florida Brownfields Program, the construction costs borne by the vertical developer would be significantly offset by tax credits awarded for construction of environmental engineering controls.