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| Rebecca Sarelson |
MIAMI, FL – HFF announced it has closed the $80 million sale
of a two-acre development site located at 300-330 Biscayne Boulevard,
one of the last remaining prime development sites in Miami’s urban core.
HFF
represented the seller, a trust established for the benefit of CDR Creances
S.A.S. Property Markets Group purchased
the asset for $80 million.
The site, also known as The Empire World Towers Site,
totals approximately 2.04 acres and is approved for the development of two 93-story
towers comprising 1,557 residential units, which would make it the tallest
structure south of Manhattan on the East Coast of the United States.
Additionally, the
finished mixed-use towers are approved for 24,741 square feet of retail space
and 3,317 square feet of office space.
 |
| Jaret Turkell |
Located directly across from Bayfront Park, the development site has
permanently-preserved bay and ocean views and will offer a true urban lifestyle
being walking distance from American Airlines Arena, Miami Dade College, Bayside
Marketplace and the to-be-built 765,000-square-foot Miami World Center Mall.
The HFF investment sales team representing the seller
consisted of managing director Jaret Turkell, senior managing director Hermen
Rodriguez, executive managing director Manuel de Zárraga and
associate director Scott Wadler.
Marcos Daniel Jiménez, Esq. and Gregg Fierman,
Esq. of McDermott, Will & Emery represented CDR in the sale and related
ligation.
Property Markets
Group was represented in the transaction by Luis Flores, Esq. and Rebecca
Sarelson, Esq., of Arnstein & Lehr LLP (Miami).
 |
| Scott Wadler |
“This transaction is highly significant in that it will
ultimately reshape the Miami skyline,” Turkell said. “The zoning allows a highly intense development with virtually
limitless possibilities.”
Established in 1991 and headed by Kevin Maloney,
Property Markets Group (PMG) is a New York City-based real estate acquisition
and development firm with real estate assets spread throughout the United
States and abroad.
PMG has successfully
transformed underutilized assets into highly profitable operating properties
for more than 20 years.
PMG has been
responsible for more than 150 real estate transactions, including more than 80
residential buildings in Manhattan during the last two decades.
One of the
leading converters of New York City rental apartments, PMG has distinguished
itself over the last five years through its development of new construction
condominium developments, both in New York City as well as Florida, South
Carolina, Illinois, the Caribbean and elsewhere.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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