DEAL OF THE WEEK: Riviera Preparatory buys site for school
Eric Ostroff | February 15, 2010
By Brian Bandell
February 15, 2010
The owners of the Riviera Preparatory School bought a 10-acre site in Miami-Dade County’s Kendall area for $9.5 million. They plan to construct a 100,000-square-foot school there.
The seller was Jesus Fellowship, a nonprofit with a religious building on the property. The site is on the southeast corner of Southwest 96th Street and Southwest 87th Avenue.
Mark Meland, a partner with law firm Meland Russin & Budwick, which represented the buyer in the deal, said the new school would serve students in sixth through 12th grades. Operating since 1950, the for-profit Riviera Preparatory has about 425 students in pre-kindergarten through eighth grade on a campus 4.6 miles away.
The middle school would move to the new campus once the $20 million construction project is completed in August 2011, Meland noted. Construction should start in May.
“They purchased the land without a mortgage and have banks competing for the construction loan,” Meland said. “They’ve been wanting to do this for a while, and they finally found the right piece of property.”