The Real Deal Miami

Miami condo development site trades for $15M

Seller planned to build mixed-use Kubik project before last decade's crash

July 01, 2014 11:15AM
By Eric Kalis

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Kubik rendering

Kubik rendering

The former Kubik development site in Miami’s Upper Eastside neighborhood changed hands for $15 million, The Real Deal has learned.

Kubik LLC of Key Biscayne sold about 2.3 vacant acres on Biscayne Boulevard between Northeast 56th and 57th streets in a transaction recorded on Monday, according to county records. The company had approvals to build a mixed-use project with nearly 300 residences before last decade’s market crash. The site remains undeveloped.

Miami-based 57BB Investments is the buyer. The company is managed by Carlos Cuevas, the chairman of Green Dragon Group. Green Dragon is a real estate development firm that specializes in LEED-certified projects.

No financing was recorded.

A separate “Agreement to Support Development” was filed with the county. Kubik still owns an adjacent property that is occupied by Andiamo Pizza. As part of the agreement, Kubik agreed not to oppose the mixed-use project 57BB Investments plans to build on the site.

The Cuevas-managed company intends to construct up to 12 stories of condos, mixed-use commercial space and parking on the land.

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