July 25, 2018 | South Florida Business Journal
By Brian Bandell
A company led by Avra Jain, who is well-known for hospitality projects; Terra President and co-founder David P. Martin; and Joe Del Vecchio acquired an industrial development site in the Liberty City neighborhood of Miami.
The 4.74-acre vacant lot at 1010 N.W. 72nd St. sold for $3.75 million to 1010 NW Investments LLC, which is managed by Martin and Jain. Lion Financial provided a $12.5 million mortgage to the buyers and would likely provide them with enough funds to start construction.
The seller was Miami-based 1010 NW LLC, led by David Avan.
The site was recently approved for development of 90,606 square feet of warehouse space and 8,000 square feet of office space.
Jain said the developers are in negotiations with potential tenants for a sports entertainment center in the project.
"The potential tenants have innovative and create concepts that would be good for the neighborhood and Miami," she said.
The property last traded for $2.05 million in 2015. It’s just north of Miami Northwest Senior High and the Liberty Square affordable housing community, which is being redeveloped by Miami-based Related Group.
Jain has developed many hospitality projects, including the revitalization of the Vagabond Hotel in MiMo. Martin’s Terra is one of South Florida’s largest developers, with experience in residential, retail and office projects. Jain said Del Vecchio, principal architect at access3d in Miami, has worked with her many times in the past.