The Real Deal Miami

Greybrook partners with Property Markets Group on 300 Biscayne

PMG Downtown Developers LLC paid $80M for the site in November 2014

December 15, 2015 06:00PM
By Katherine Kallergis

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300 Biscayne Boulevard and Kevin Maloney of PMG

300 Biscayne Boulevard and Kevin Maloney of PMG

New York-based Property Markets Group is partnering with Greybrook Securities and Greybrook Realty Partners on a high-end luxury condominium at 300 Biscayne Boulevard, developers told The Real Deal

Toronto-based Greybrook bought into the 2-acre project for $37.37 million to build what the developers said will be the tallest tower in Miami. Yet they declined to disclose the tower’s height.

PMG Downtown Developers LLC paid $80 million or about $900 per square foot for the 88,800-square-foot site in November 2014. In a statement, PMG CEO Kevin Maloney said the partnership could lead to more projects with Greybrook.

PMG held off on announcing plans for the land as the condo market takes a breath, ISG principal Craig Studnicky told TRD earlier this year. ISG works with PMG on its South Florida projects.

Sources have told TRD that 300 Biscayne will include one apartment tower, called Vice, and one condo tower, each with retail space. According to a city of Miami proposal, the 32-story apartment building will have 464 units, 670 parking spaces and 7,000 square feet of retail space. It would also include an 18,000-square-foot pool deck and a 6,000-square-foot gym. Vice is not part of the Greybrook deal.

The previous owners of the land, Maurice Cohen and Leon Cohen, had planned to build twin 93-story buildings called Empire World Towers on the two-acre site before their conviction on charges of fraud and tax evasion. The site currently includes a 132,400-square-foot office building.

PMG, which has six projects in South Florida, declined to disclose more information on the luxury condominium.

According to Greybrook Realty Partners’ website, the company has invested more than $700 million in equity in 50 development projects that are expected to deliver 15,000 residential and commercial units. Its current focus is on North American markets including Southern Ontario and South Florida.