Billionaire Jeffrey Soffer has sold a portion of his Broward County gaming property—a section of a parking lot—for $31.1 million.
An affiliate of Soffer’s Aventura-based Fontainebleau Development sold 12.2 acres of vacant land at the Big Easy Casino, located at 831 North Federal Highway in Hallandale Beach, to an affiliate of Kadima Developers, according to property records and real estate database Vizzda. The transaction values the land at over $2.5 million per acre.
Kadima, also based in Aventura and led by co-founders Alejandro Chaberman and Joseph Melul, secured a $17.6 million loan from RMWC to partially finance the purchase. Immediately after closing, Kadima resold three of the 12 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, according to public records and Vizzda.
According to a spokesperson, Kadima plans to transform the entire 12-acre site into a master-planned community that will feature apartments, condominiums, retail, entertainment, and warehouse spaces. Kadima will also serve as the project manager for the three acres sold to the Persea affiliate.
The company is also pursuing two additional developments in Hallandale Beach.
In October, Kadima broke ground on Seven Park, a $70 million mixed-use project at 218-220 Southeast Seventh Street. The development is planned to include 121 condominium units and 4,500 square feet of ground-floor retail. Fortune Development Sales was selected to handle sales and marketing, with condos starting at $375,000.
Kadima purchased the 1.1-acre Seven Park site last year for $5.3 million. The company is also developing Blue Park, an eight-story, 185-unit multifamily building in Hallandale Beach valued at $40 million.
Soffer acquired the nearly 28-acre former parimutuel property—previously known as Mardi Gras Casino and Race Track—for $12.5 million in 2018. His company, Fontainebleau Development, also owns the Fontainebleau Miami Beach, a landmark 1,504-room hotel currently at the center of controversy.
Last month, numerous activists, preservationists, and local residents spoke out against a proposed waterpark at the Miami Beach property. The plan includes a mid-rise podium, a network of waterslides, a children’s play pool, renovated bathrooms, and new cabanas.
