The Real Deal Miami

Related sells proposed condo site back to original seller at 33 percent discount

January 07, 2010 05:58PM

The Related Group has sold a 28,500-square-foot downtown Miami development site for $4.3 million, 33 percent less than it paid for the property in August 2007. The site, which had been intended for the 32-story, 495-unit Loft III condominium was sold back to Downtown Miami landowner Rafael Kapustin — the same person who originally sold the lot to Related in  2007. Just 66 minutes later, Kapustin flipped the Loft III site for $5.47 million, $1.2 million more than the recorded purchase price from the Related Group transaction, to the District Board of Trustees of Miami Dade College, which may use the site to expand its Wolfson Campus, located across the street from the Loft III site. [Condo Vultures]