Billionaire Jeffrey Soffer has sold a portion of the parking lot at his Big Easy Casino site in Hallandale Beach for $31.1 million. The 12.2-acre vacant parcel, located at 831 North Federal Highway, was sold by an affiliate of Soffer’s Fontainebleau Development to Kadima Developers, according to property records and data from Vizzda. The sale price translates to over $2.5 million per acre.
Kadima Developers, based in Aventura and led by co-founders Alejandro Chaberman and Joseph Melul, financed part of the purchase with a $17.6 million loan from RMWC. Shortly after acquiring the land, Kadima resold three of the 12 acres for $12 million to an affiliate of Persea Ventures, a Miami-based venture capital firm headed by Mateo Pugliese-Bassi.
A spokesperson for Kadima stated that the company intends to develop all 12 acres into a master-planned community featuring apartments, condominiums, retail space, entertainment venues, and warehouses. Kadima will also serve as project manager for the three acres now owned by Persea Ventures.
Kadima is pursuing additional projects in Hallandale Beach. Construction began in October on Seven Park, a mixed-use development valued at $70 million at 218-220 Southeast Seventh Street. This project will include 121 condominium units and approximately 4,500 square feet of retail space on the ground floor. Fortune Development Sales has been appointed to handle sales and marketing efforts for Seven Park’s condos.
The developer acquired this 1.1-acre site last year for $5.3 million and is also working on Blue Park—a planned eight-story building with 185 multifamily units—estimated at $40 million.
Soffer purchased the nearly 28-acre former parimutuel property (previously Mardi Gras Casino and Race Track) in 2018 for $12.5 million. His company Fontainebleau Development also owns the Fontainebleau Miami Beach hotel—a historic oceanfront property that has recently drawn criticism over plans to build a waterpark on its grounds.
Last month saw activists, preservationists, and residents express concerns about the proposed waterpark project at Fontainebleau Miami Beach during public meetings.
