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LeFrak, Soffer team up

Creating a South Florida partnership that unites two real estate dynasties, Richard LeFrak, chairman and CEO of LeFrak, and siblings Jeffrey Soffer and Jackie Soffer, principals of Turnberry Associates, entered into a joint venture to develop Biscayne Landing as a master planned community.

The 183-acre site, on Biscayne Boulevard in North Miami, is the largest undeveloped parcel of land east of the thoroughfare in South Florida. It is zoned for 4,390 residences and more than 1 million square feet of commercial space.

They did not disclose financial terms. Development costs could reach $1 billion.

At a recent real estate conference in Miami, LeFrak called the massive development, which adjoins Oleta River State Park, the “last great thing I have in me.”

“It’s designed as a community for people who live here,” he said, “not for people who come for three weeks of the year.”

Biscayne Landing is a former landfill that languished for years after an attempt to develop the site fell apart early last decade.

Turnberry Associates has overseen and developed 785 acres of land over the last 50 years.

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http://therealdeal.com/issues_articles/south-florida-report-18/