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Due to the environmental contamination (primarily chlorinated solvents) the property was not marketable to a traditional end user or developer without further investment in both time and capital.

The seller’s need for liquidity and the environmental challenges, presented the opportunity for GKE to purchase the property quickly at a significant discount to its otherwise non-impaired market value. The site has a fully approved Remedial Action Plan “RAP” from the Miami Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management and the Florida Department of Environmental Protection, and was successfully rezoned to T6-T10 O which provides for a maximum of 300 multifamily-residential units per acre and multiple commercial uses that will be compatible with workforce and affordable housing development. The property was sold to The Richman Group, the country’s seventh largest multifamily housing owner and developer. GKE achieved approximately 67.5% recovery of environmental remediation costs. Return on invested capital is projected to be approximately 100% once the final tax credits for the Site Rehabilitation Completion Order with Conditions are issued and monetized.