Under the proposed special area plan, Sunbeam Properties would build 1,936 residential units, including 117 units of workforce housing, 870,000 square feet of office/retail space, a 112,500-square-foot hotel with about 300 rooms, and about 5,000 parking spaces.
Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing.
The all-cash deal of the property marks one of the largest sales in the Little River Business District.
Doral will be the company’s first South Florida location for any of its car wash brands.
The project will provide 320K SF of Class-A office space and 80K SF of functional outdoor space. It will stretch over a 2-acre block between Northeast 42nd and 43rd streets and between Northeast Second and Fourth avenues.
The project will accept cryptocurrency as an option for lease payments.
The mall was 80 percent leased at the time of sale to more than 100 tenants.
The development broke ground in January this year with an expected completion date in the first half of 2024.
As Miami Beach continues to experience business migration and the return of international visitors, the Lincoln Road District reports drawing over 7.8 million visits over the past year, demonstrating a strong post-pandemic recovery in foot traffic.
The new sale marks the third time the brokers sold the same corner over a 10-year period.
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