Chicago developer buys Six Midtown Miami site in $55M deal.
Plans call for a 12-story building with 485 units and an 8-story building with 215 units.
November 18, 2015 03:00PM
By Ina Cordle
^ Midtown Miami
Alex Vadia, principal of Midtown Opportunities, has sold his Six Midtown Miami development site and additional land for $55 million, two months after filing a termination notice with the county for his previously planned project. AMLI Residential, a Chicago-based developer of luxury apartments, bought the 6.6 acres of vacant property, which was the former site of a Chiquita Banana shipping facility.
AMLI has approved plans to develop about 700 apartments on the site, between 2900 to 3010 Northeast Second Avenue in Miami, according to CBRE, which brokered the sale. AMLI plans two rental building, designed by Zyscovich Architects. The north building would have 485 units in 12 stories. The south building would have 215 units in eight stories, according to a release.
AMLI has been on a buying spree in South Florida in recent months. In October, the company bought the Signature at Davie Apartments & Townhomes for a combined $114.8 million from a company led by Armando Codina. And in April, an AMLI affiliate paid $104.5 million for the 350-apartment community Modera Dadeland in Kendall.
http://therealdeal.com/miami/blog/20...-site-for-55m/