Related Makes One Of The Priciest Land Deals Of The Year With $57 Million Purchase

The Related Group just made one of the priciest land deals of the year, plunking down $57.25 million for 2.8 acres near downtown Miami.
That’s an astonishing $20.45 million per acre for the site at 1400 Biscayne Blvd. across from the Adrienne Arsht Center for the Performing Arts and near the Patricia and Phillip Frost Museum of Science and the Perez Art Museum Miami.
Related paid a premium of $20.4 million per acre for the site, which last sold for a total of $31.52 million on June 8, 2010, according to public records.
The developer will tear down a three-story, 249,978-square-foot office building with street-level shops constructed in 1971 to make room for a massive mixed-use project.
The proposed development is a 2 million-square-foot luxury residential project with stores and views of Biscayne Bay. The project’s name and start date were not disclosed.

“This location is a prime opportunity to be part of a strategic location between Brickell, the Design District, next to Museum Park,” said Matt Allen, COO of the Related Group. “We are seeing a shift where buyers want to be a part of a community built around a tradition of culture. With the Arsht Center directly across (the) street and PAMM and the Frost Science Museum nearby, our future residents will be in the very heart of Miami’s thriving arts and culture scene.”

The project would be the latest Miami venture for the firm, which has targeted the downtown and Midtown corridors for high-end mixed-used projects.
So far the firm has partnered with hotel manager SBE Entertainment Group and designer Philippe Stark for SLS Hotel and Residences, a Brickell financial district project under construction and set for completion in 2016. Its Hyde Midtown Hotel & Residences and SLS Lux towers are set to start construction this fall, while the ONE Paraiso condos are due to break ground in November in Miami’s Edgewater neighborhood.
Related closed this week with joint-venture partner Rockpoint Group LLC on Doral View, a 360-unit apartment complex where prices range from about $1,700 for a one-bedroom unit to $2,300 for three bedrooms.
 
Source:  DBR
 

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