The Real Deal Miami

Stalled Miami office project site sold to developer

Buyer plans to reposition property as 153-unit residential tower

February 20, 2014 12:00PM

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Rendering of Logik in Overtown

Rendering of Logik in Overtown

The site of a stalled office development near Miami’s Overtown area has been sold to a group that plans to reposition the property as residential.

Krystal Investment Solution, which has ties to a Brazilian developer, paid $3.5 million for the 530 Northwest First Court property last week, ExMiami reported. It has already filed plans with the City of Miami for a 153-unit residential tower. An office building called Logik was partially built during the last real estate cycle.

The city put a demolition order on the office building while the sale was under contract, according to Capital Commercial Real Estate Group sales director Matthew Jacocks, who represented the seller. Both sides were able to get the order lifted after engineers determined the structure was safe. [ExMiami]Eric Kalis

  • Guest

    i have to be very blunt but these developers, i sometimes do not understand how they even get financing or how they get to their positions because they are so dumb plain and simple. what makes that developer think that out of all cities in miami dade overtown needs a huge fancy office building its almost funny. i did not know the residents of overtown wanted a huge office building lol. Even residents around in 10 mile radius will not want to go to overtown for an office building. again miami developers just want to build and hope they to be on a cover of a magaizine, there is no common sense or basic do deligence anymore

    • anonymous

      directly adjacent to this property they’re building a billion-dollar transit hub to the east, a 50-story hotel/convention center complex to the northeast, and an enormous housing complex to the north. anything you build on that property is going to succeed.

  • Charlie Ratner

    I own the adjacent corner lot at 127 NW 5th Street. looking forward to their reboot of this Property. – Charlie Ratner

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