The Real Deal Miami

Verzasca closes $13M deal for City Hall site in Edgewater

Seller gets condos in Verzasca's new building as part of deal

March 18, 2016 11:15AM
By Sean Stewart-Muniz

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The property at 2000 Biscayne Boulevard

The property at 2000 Biscayne Boulevard

The Verzasca Group has closed on its $13 million purchase of land on Biscayne Boulevard in Miami’s Edgewater district, where the developer is planning a new residential project.

The deal, first reported by the South Florida Business Journal, covers 32,775 square feet of land at 2000 Biscayne Boulevard. It was previously home to the City Hall restaurant, which closed in January, as well as several small commercial tenants like CitiMED.

Aerial view of the property

Aerial view of the property

Verzasca paid nearly $397 per square foot for the land to owner 2000 Biscayne, LLC, which is managed by Christian Parth, according to county records. Parth’s company acquired the site for $5.4 million, or $165 per square foot, in 2007.

A Verzasca spokesperson declined to disclose details about the planned project at this time.

As part of the deal, Verzasca signed an agreement to give Parth’s company an unspecified number of condominiums in a high-rise the developer plans to build on the property, county documents show.

Versazca, a Russian group of developers based in Bay Harbor Islands, is working on three other condo projects: Aurora in Sunny Isles Beach, along with Pearl House and Le Jarden in Bay Harbor.

Calibre International Realty agent Ken Ray represented Verzasca.