BBX partners with CC Devco on Miami-Dade home project A division of BBX Capital Corp. entered into a joint venture with Codina-Carr Co.’s CC Devco Homes to develop single-family homes on a previously foreclosed parcel in Hialeah. The Bonterra community would have 394 homes in its first phase on 50 acres, which represents only part of BBX’s holdings in the area. It’s located west of Interstate 75, just north of Northwest 146th Street. CC Devco Homes is led by experienced developers Armando Codina and Jim Carr. RELATED CONTENT: BBX partners with Procacci to buy Fort Lauderdale property The former parent company of BankAtlantic, BBX seized the 114-acre agricultural site in 2013 from an affiliate of Prestige Builders Group after foreclosing on a $37.9 million mortgage. BBX affiliate Hialeah Communities recently sold part of the property for $4.1 million to Bonterra Single Family TIC and Bonterra Multifamily Real Estate, according to county records. According to a news release, BBX transferred 50 acres to the joint venture with CC Devco Homes in exchange for 45 percent ownership and $2.2 million in cash. This property was valued at $15.6 million. The joint venture also assumed an $8.5 million mortgage. “CC Devco Homes, one of the largest builder-developers in Florida, is known for its high integrity, quality construction and vision to create timeless communities,” BBX Capital Real Estate President Seth M. Wise said in a news release. “We are truly excited to be partners with such an esteemed group.” The development plan has yet receive government approval. BBX said construction should start in the first half of 2015. The homes will include clapboard shutters, brick paver driveways, ceramic tile flooring, and Euro-style kitchens with 42-inch cabinetry and granite countertops. The community will have a clubhouse with a fitness center and pool. They will also build a 15-acre lake. bizjournals/southflorida/news/2014/07/23/bbx-partners-with-cc-devco-on-miami-dade-home.html?iana=ind_rre
Posted on: Thu, 24 Jul 2014 17:18:08 +0000
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