A parking lot with ground floor retail space is one step closer to arriving in Miami’s Design District.
Miami Today reported that the Miami Parking Authority approved a few minor changes to bring the $3.5 million sale of the empty lot at 3800 NE First Avenue to Trigram LLC closer to closing.
The deal requires Trigram to develop a garage with 404 parking spaces and 15,600 square feet of ground-floor retail in a building designed by Tim Haahs Engineers & Architects.
Miami Today noted that the district’s increased shopping options have made it more of a destination and sparked demand for the lot. Once the deal closes, construction should be complete within 30 months.
The deal would net the authority $2.1 million in profit, as it bought the 31,251-square-foot property for $1.4 million in 2004. [Miami Today]