TODAY’S DEALS: HFF Closes $80M Sale of Iconic Downtown Miami Development Site
- Nov 13, 2014
Miami—HFF announced that 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. 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).
“This transaction is highly significant in that it will ultimately reshape the Miami skyline,” Turkell says. “The zoning allows a highly intense development with virtually limitless possibilities.”