Pinecrest is getting a new public park at a cost of $3.75 million
The Village of Pinecrest has purchased a 3.7-acre lot earmarked to become a public park for Pinecrest residents. The sales price was $3.75 million.
The lot is located at 6610 SW 88th St., on the intersection of Kendall Drive and 67th Avenue, across the street from Gulliver Academy. The property originally was listed for $4.4 million in August 2020 as an infill opportunity and is zoned residential for either one single-family home per acre or multifamily and condo buildings.
“Amenities for residents is important and integral to growing the community,” said Joshua Kaufman, a real estate adviser with Compass who brokered the deal with the Village of Pinecrest. “Once developed by the Village, this land opportunity presents itself as a safe place for people to visit in an outside environment. I knew finding the right buyers could make a massive positive community impact.”
The previous owner was the estate of the late Peter Palermo, a former federal magistrate who presided over the citizenship swearing-in of 14,200 people at the Orange Bowl in 1986. His former home will be razed in the fall, leaving the property as green open space.
“The size of the combined properties and their location near the more densely populated multi-family district in northwest Pinecrest makes it an ideal site for additional green space,” said Michelle Hammontree, communications manager for the Village of Pinecrest. There are no concrete plans with regard to future development of the property.”
According to Hammontree, the park will remain in place until at least the end of 2023. A master planning process that will inform any future development of the property is expected to commence sometime in October 2021 and include input from surrounding neighbors.
Pinecrest remains one of the hottest single-family home markets in Miami-Dade County, with a median sales price of $1.4 million, or $426 per square foot, according to realtor.com.
On Thursday, the sale of a seven-bedroom, eight-bath home at 7218 SW 102 St. closed at $4.7 million, the highest resale price in Pinecrest in 2021. Michael Martinez at ONE Sotheby’s represented the seller in that transaction. Elena Chacon with BHHS EWM Realty represented the buyer.
This story was originally published April 9, 2021 at 4:00 PM.
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