UPDATE, 3:40 p.m., Oct. 18: Property Markets Group bought the Royal Motel’s development rights last week from developer Avra Jain in order to transfer those rights to the Echo Brickell site, one of PMG’s high-end condo projects in the works, exMiami reported.
Jain bought the motel at 7411 Biscayne Boulevard in May for $1.5 million. Law firm Arnstein & Lehr represented Property Markets Group in the deal with Jain, while Greenberg Traurig represented Jain, according to PMG.
Echo Brickell is a 60-story, 185-unit building at 1451 Brickell Avenue.
“We are allowed with this purchase to build to the maximum allowed by code of 80 stories,” giving them an additional 428,000 square feet of space, Property Markets Group said in a statement. [exMiami] — Mark Maurer