Billionaire Jeffrey Soffer has sold a portion of the parking lot at the Big Easy Casino in Hallandale Beach for $31.1 million. The 12.2-acre vacant parcel, located at 831 North Federal Highway, was purchased by an affiliate of Kadima Developers, according to property records and data from Vizzda. This sale equates to over $2.5 million per acre.
Kadima Developers, based in Aventura and led by co-founders Alejandro Chaberman and Joseph Melul, partially financed the purchase with a $17.6 million loan from RMWC. Shortly after acquiring the land, Kadima resold three of the twelve acres for $12 million to an affiliate of Persea Ventures, a Miami-based venture capital firm focused on technology and led by Mateo Pugliese-Bassi.
A spokesperson for Kadima stated that the company plans 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 also pursuing two additional projects in Hallandale Beach. In October, construction began on Seven Park—a mixed-use development valued at $70 million at 218-220 Southeast Seventh Street—which will include 121 condominium units and 4,500 square feet of ground-floor retail space. Fortune Development Sales has been selected to handle sales and marketing for Seven Park’s condos, which start at $375,000 each.
Last year, Kadima paid $5.3 million for the 1.1-acre site where Seven Park is being built. The company is also developing Blue Park: an eight-story multifamily building with 185 units valued at $40 million.
Jeffrey Soffer acquired the nearly 28-acre former parimutuel property—previously known as Mardi Gras Casino and Race Track—for $12.5 million in 2018 through his firm Fontainebleau Development. Fontainebleau Development also owns Fontainebleau Miami Beach hotel; this historic property has recently drawn public attention due to opposition from activists and residents regarding plans for a new waterpark addition that would include waterslides, a kids’ play pool, new bathrooms, cabanas, and a mid-rise podium.
