The Real Deal Miami

Miami Area land trades for $35M to Miami World Center partners

October 08, 2012 04:30PM

The location of the former Miami Arena

A portion of the land associated with the former Miami Arena has traded in a deal worth $35 million, according to the South Florida Business Journal. A Glenn Straub affiliate transferred the 4.71-acre site to Old Arena, a group that includes Art Falcone and Nitin Motwani, partners in Miami World Center.

Glenn Straub purchased the former Miami Heat area, which is located at 700 North Miami Avenue, in 2004 for $28 million. The arena has since been demolished and replaced by a park.

Before the recession, Miami World Center had considered developing the site into a mixed-use hotel, offices and residential project. [SFBJ]Christopher Cameron