The eight-story development features 373 luxury rental units and 17,000 square feet of prime ground floor commercial space plus 9,000 square feet of exterior covered retail terrace space.
The 800-room hotel will be the anchor of Miami Beach’s Convention Center District with new luxury accommodations and public spaces, improved connectivity, and infrastructure and resiliency upgrades.
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The acquisition marks the highest land sale in Key Biscayne’s history.
Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, and Greg Miller of Cushman & Wakefield represented the seller, Midtown Group, in the transaction. The building was acquired by NorthBridge. Rick Etner, Matthew McAllister, Christopher Thomson, and Chris Metzger of Cushman & Wakefield’s South Florida Industrial Team also supported the sale process.
The bank plans to grow its workforce by 20% over the next year and a half, and the new location will help consolidate its staff currently spread across Downtown Miami, the Brickell Financial District, and its Coral Gables office.
One of the fastest-growing property management companies in the U.S., KWPMC manages more than 100,000 units and employs more than 2,900 team members. Recently, KWPMC was listed among the top 20 largest employers in South Florida.
The Plaza Coral Gables spans seven acres and features approximately 455,008 square feet of Class A office space across two towers.
He will be based in the Miami office and will provide capital markets and structured finance advisory to clients across South Florida and beyond.
Colliers Executive Vice President Mark M. Rubin and Senior Vice President Bastian Schauer of the South Florida Investment Services Team collaborated with Executive Vice President Gary A. Gottlieb in representing the seller in the transaction.