Latest Real Estate Time Bomb: Selling The Land And Profiting A 400% Return On Investment

Online, July 19, 2013 (Newswire.com) - - Javier Rabinovich, president of Prive Group has once again proven his expertise on one of his Real Estate transactions, this time in the historic MiMo District. The Real Estate Visionary has sold a piece of land located at 6405 Biscayne Blvd for $1.2 Million, which he purchased for $300,000 in record breaking time and price per square footage.

Even though, the property was valued at $524,125 by Miami-Dade County Property Appraiser Office. In May 2011, Rabinovich and his partner Mariano Karner bought the 15,000-square-foot vacant lot for $300,000 from the Midtown Miami developers Joseph Cayre and Michael Samuel who bought the parcel a year earlier for only $199,100.

Prive Group's projected plan to develop the MiMo Center, a two-story retail project commissioned by local pop artist, Stephen Gamson to give a playful artistic twist to the historic 1950's Miami Modern architectural design. Future development plans were put to a halt, when they received an offer to sell. Moreover, before selling the land and profiting a 400% return on investment. Many were calling the Argentinean duo amateurs with too many unfortunate obstacles that would potentially derail their plans. "This is not an environment for newbies," equips one industry consultant via Biscayne Times.

Soon after purchasing the land, they received costly news from the City of Miami, specifically WASD. The Miami-Dade Water and Sewer Department notified the developers for the right to build MiMo Center; they would have to invest more than $300,000 for the purchase and installation of a new 12-inch water line along NE 64th Street.

Sure about his decision, Rabinovich kept optimistic; resolved pending issues and shortly broke ground on MiMo Center the 8000-square-foot building. Before moving forward, they received an offer. Rabinovich's Real Estate expertise includes land banking, understanding the market and knowing when to purchase or sell. "As much as I was looking forward to seeing MiMo Center fully developed, I now have a good excuse to mainly focus my energy in Edgewater" explained Rabinovich.

In the realm of Prive Group, Prive Development Opportunities is a real estate development fund that, "acquires land for development of commercial and residential projects," according to a company biography. While working on the MiMo project, the partners were busy assembling land in the Lower Eastside for future projects. Now, you can see that their plans of over two years ago are coming to fruition when choosing Edgewater - the next hot neighborhood of Miami.

Though the Real Estate market is still uneasy, time has proven that Rabinovich has been successful in his Real Estate ventures and luckily jumping on the Edgewater instinct before most experienced developers did.

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ABOUT MIMO
Mimo Center is located on the MiMo Historic District within the legendary Biscayne Corridor, today one of the most important commercial arteries of Miami. MiMo Center is midway between Downtown Miami and Aventura, only a few minutes from I-95 and the airport expressway. MiMo Center is a high-end commercial development comprised of 7 flexible retail spaces ranging from 900 sq. ft. to 1,375 sq. ft. of retail space imagined as a trendy creation in shimmering glass, and with an exquisite mix of Art Deco and Contemporary Design. There is a unique opportunity to satisfy an underserved demand of reduced spaces in this area. MIMO CENTER offers a modern, exclusive, and trendy space conveniently designed for new businesses arriving at the MIMO District.

ABOUT PRIVE DEVELOPMENT
Prive Development is spearheading the growth of residential, commercial and entertainment Real Estate opportunities in Miami. Prive Development is an affiliate division of Prive Group.

ABOUT JAVIER RABINOVICH
Javier Rabinovich has a successful history in various regions of the Americas. Born in Buenos Aires, Argentina, and graduated with a bachelor in International Business. He made the United States his permanent residence in 1999 and since then has maintained its focus of activity within the Real Estate, Hospitality and Telecommunications industries. He is the CEO of the Prive Group. His expertise involves land banking, investment funds, consulting in commercial real estate, including acquisition, management, financial services, development, and investor representation. Javier Rabinovich has experience alongside key South Florida Developers in the execution of luxurious skyscrapers. He has demonstrated several successful ventures and today manages and controls properties such as 900 Biscayne Retail Center where Prive's Downtown Branch is located. Presently, he continues to acquire several properties to develop future projects and is a member of Prive Opportunity Investments, an investment development real estate fund to acquire land for the development of commercial and residential project
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