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

The location of the former Miami Arena
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.

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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