Northlink Capital, a real estate development and investment firm based in New York, purchased a 1.5-acre land plot for $26 million in the Hallandale Beach Opportunity Zone, Florida.
The plot is across the street from The Village at Gulfstream Park, a major shopping, entertainment and dining center in South Florida. The Opportunity Zone accommodating the New York developer’s new acquisition is a federally designated area where investors are entitled to a capital gains tax relief.
One of the key advantages was the fact that mixed-use development had already been approved for this plot – 320 apartments, a 140-room hotel, 5,469 square feet of retail, and 580 parking spaces. Northlink intends to comply with the endorsed documentation. This way, the developer will not have to wait a year or so for approval and risk that the market changes over that time.
In early July 2022, the Miami Beach Design Review Board approved another project by Northlink – 72 Collins Condominium, an 11-story residential complex with condominiums and trendy co-living apartments. It cost the developer $17.3 million.
The enthusiasm of investors from other states evidences that Florida’s residential and commercial property is becoming an increasingly attractive asset.