ZOM Living has purchased an office building in Doral, Florida, for $26.25 million, with plans to demolish the existing structure and construct a new 380-unit apartment complex. The acquisition signals a continuing trend of office-to-multifamily redevelopment in western Miami-Dade County.
Key Takeaways
- ZOM Living acquired a 6.57-acre office site at 8300 N.W. 33rd Street in Doral.
- The purchase price was $26.25 million.
- A $92.3 million construction loan was provided by PNC Bank.
- The current 109,559-square-foot office building, built in 1998, will be demolished.
- The site will be redeveloped into a 380-unit apartment community.
Redevelopment Trend Continues in Doral
The acquisition by ZOM Living underscores a broader shift occurring in western Miami-Dade County, where older office buildings are increasingly being redeveloped into residential or industrial properties. While urban core markets like Brickell continue to see strong demand for office space, areas further west have faced challenges in leasing office properties.
The Doral site, which last traded for $19.96 million in 2021, is slated for a significant transformation. The existing 1998-built office building will make way for a modern apartment complex, addressing the growing demand for housing in the region. PNC Bank has provided ZOM Living with a substantial $92.3 million construction loan to facilitate the development.