Looks like we have a buyer. Looks promising as this parcel manifests into some tower(s).
Potential for 1.8 mil-sq ft, which even given the footprint, 1.8 mil is nothing to slouch about.
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PMG under contract to buy 400 Biscayne for $54M: sources
Quote:
Property Markets Group is under contract to purchase 400 Biscayne Boulevard for $53.6 million, sources told The Real Deal.
The New York-based developer is paying nearly $30 per buildable square foot for the property, sources said. The site allows for 1.8 million square feet of development.
PMG plans to build a two-phase project beginning with an apartment tower, according to PMG director Evan Shapiro. The second phase is to be determined.
First United Methodist Church is selling 400 Biscayne, a 1.15-acre downtown Miami site that allows for about 1,150 residential units and unlimited height, pending FAA approval, under its T6-8O zoning. It has 305 feet of frontage along the boulevard. It hit the market with HFF’s Jaret Turkell and Maurice Habif in September.
Turkell said HFF received 10 bids for the property north of Miami’s downtown core and near Bayside Marketplace. He declined to name the bidders.
The sale is expected to close during the fourth quarter of this year. As part of the deal, the church will get a roughly 20,000-square-foot space in the new building.
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TRD