North Miami officials are weighing the benefits of isolating the 10 acres of Biscayne Landing that front Biscayne Boulevard and selling it separately, the South Florida Business Journal reported. The city believes the sale would generate much-needed revenue, while still leaving it open to collect money from Michael Swerdlow, who has sought to lease and develop Biscayne Landing.
However, some officials fear splitting up the most valuable strip of land from the 190-acre property would diminish the value of the land as a whole. In fact, Swerdlow Group President Brett Dill said the firm might no longer be interested if the 10 acres fronting the bouelvard aren’t included. The firm’s most recent offer was rejected.
But developer Irwin Tauber made a $14 million offer for the 10 acres, and Prestige Imports is believed to have made a $13 million offer.
For now, North Miami is continuing to negotiate with Swerdlow for the entire site, while it weighs the pros and cons of splitting up Biscayne Landing. [SFBJ]