T
he University of Miami has expanded its real estate portfolio near its Allapattah medical school campus with a $68 million purchase of three commercial properties. An affiliate led by President Joseph James Echevarria acquired the assets in separate deals: a strip mall at 1050 Northwest 14th Street for $28 million, an adjacent parking lot for $34 million, and a former bank building at 1000 Northwest 14th Street for $6 million.

    The properties are located within the Miami Health District, anchored by the UM/Jackson Memorial Medical Center complex. The strip mall, known as Shops at Civica, features medical offices including Dunkin' and Quest Diagnostics, while the vacant bank building was completed in 1976.

    Last year, previous owners filed a site plan application to develop a 380-unit apartment project on the parking lot but later abandoned those plans. In 2020, they renovated Shops of Civica with retail space on the ground floor and medical offices above.

    University officials have not disclosed any specific plans for the three-property assemblage. The university recently acquired a Macy's furniture store in Pinecrest for $40 million, which may be converted into medical offices.