The Hook Square Property (69 Hook Square Miami Springs) was sold on January 14, 2022 for $3,300,000 according to Miami Dade County Property Records. Records show the new owner is “Flagler Ponce Development, LLC” with a mailing address of 1200 Brickell Suite 600. The property has a lot size of 47,768 sq feet. That’s the maximum size building assuming a 1.0 FAR. However, if they decide to develop a new mixed use building and meet all the credits, they can build with a 1.7 FAR or up to 81,205 sq ft.
Back in 2018, we estimated how many apartments the Gateway Overlay District might create thanks to the changes in allowable density. We estimated up to 215 residential apartments. We already have 51 new apartments going up at the Miami Springs Town Center Complex. At the time, we estimated the Gateway Overlay District could create up to 48 apartments at the Hook Square Property.
But wait, there’s more…
The same folks who purchased 69 Hook Square (Flagler Ponce Development, LLC) also purchased the retail property that includes Burritoville, Poinciana Flowers, Ray’s Taekwondo, and the Adventist Book Store at 1 South Royal Poinciana Boulevard. County records show this property sold for $2,800,000 on January 10, 2022.
This property has a lot size of 18,730 sq ft and with a 1.7 FAR could build up to 31,841 sq ft. Now, this property lacks the space for adequate on premise parking, but if it were to get credit for parking at the sister property at 69 Hook Square, they may be able to build a parking garage that fully accommodates both properties.
The Flagler Ponce Development LLC just invested $6.1 Million in Miami Springs. We’ll see what big plans may arise from their investments.
About Flagler Ponce Development
A quick search of Flagler Ponce Development LLC via Sunbiz shows a Manny A Varas as the sole person associated with the entity.
Manny Angelo Varas is the President and CEO of MV Group USA which has the same corporate address as Flagler Ponce Development.