The purchase marks TSG Group’s first purchase in a designated federal Opportunity Zone. TSG Group, a boutique, real estate development and investment company, and Linéaire Group, a Miami-based investment and design firm, acquired the 30,000-square-foot land parcel at 1765 North Miami Ave.
The property is located near Wynwood and is zoned for multifamily development, TSG Group notes. “This deal signifies our first land acquisition in an Opportunity Zone and bullish approach to growing our portfolio in many of South Florida’s emerging areas,” says Camilo Lopez, managing partner of TSG Group.
A spokesperson for TSG Group tells Globest.com that the partnership plans to develop a multifamily project at the site. TSG Group Managing Partner Jorge Escobar, in collaboration with Diego Bonet of Linéaire Group, will spearhead the Opportunity Zone regulation process. The TSG Group spokesperson states that tax benefits do not apply to land acquisitions that took place before Opportunity Zone legislation.