Miami’s Terra, Fortune Form JV, Acquire Key Biscayne Property For Record $205M
The acquisition marks the highest land sale in Key Biscayne’s history.
The acquisition marks the highest land sale in Key Biscayne’s history.
The transformation of Southland Mall into Southplace City Center will introduce more than 5,000 market rate residential units, 500,000 square feet of retail, dining, and entertainment space, a 60,000-square-foot medical center, a 150-key hotel, and extensive green spaces.
The 36,998-square-foot assemblage at 3350 Biscayne Blvd. has existing zoning approvals for a 172-unit high-rise development.
The 47-acre transit-oriented community marks the largest public-private partnership in Miami-Dade County history.
Spanning more than 698,000 total square feet, Rainbow Village will include 310 affordable housing units, almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.
The sales, announced in mid-January 2025, reflect the growing demand for well-maintained and strategically located apartment communities in both established and emerging markets across the state.
Aztec Group ran a broad process and received proposals for the financing of 25 Mirage from banks, life insurance companies, Fannie Mae and Freddie Mac. The financing was awarded to Ocean Bank.
The final sale price doubled the initial stalking horse bid, resulting in a significant victory on behalf of the victims.
Codina Partners previously co-owned Tower One with Invesco, while solely owning Tower Two.
Currently starting at just over $10 million, over 75% of residences are already sold.
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