non-advertiser
M&M’s Drew A. Kristol and Kirk D. Olson had the exclusive listing to market the portfolio on behalf of the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a private investment group based in Brooklyn, New York.
Slated to open at the end of summer 2022, guests will enter the genuine prohibition-era themed experience after securing a secret code and dialing it into a restored antique London-style red phone booth at the entrance.
The project is expected to cost over $500 million to develop.
LUMA at Miramar was built in 2019 and stabilized in Q1 2020, with occupancy remaining at or above 90 percent throughout 2020 and 2021. The property was fully occupied at the time of sale.
The project’s sponsors consist of a seasoned development team that has been active in South Florida for decades.
The 17,325-square-foot site sold for $1.88 million to a company that plans to construct a new corporate headquarters and sales center at the site.
Jonathan De La Rosa and Eduardo Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property.
The site is currently zoned for T6-24A-0, which will allow for a building up to a height of 48 stories. The site is also located within a federally designated Opportunity Zone.
Metro Parc will be a 3.26-acre project that will consist of two, mixed-use tower buildings that will feature 560-units of rental apartments comprised of studios, one-bedroom/one bath, and two bedroom/ two bath ranging from 500 square feet to 1000 square feet.
The project is slated to include 1,333 residential units, 41,438 square feet of commercial-retail uses and parking for up to 2,589 vehicles, and have 108 bike racks.
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