A Hollywood-based Argentine investor known as MG3 Developer Group LLC has sold an undeveloped 37,000-square-foot site in Miami’s Edgewater neighborhood for $7.6 million, or $205 per square foot.
Little more than a year ago, MG3 picked up the site at 3360 Biscayne Boulevard for $5.75 million. Therefore, this sale equates to a 32 percent gain. A permit has been filed to construct a 16-story, 127-unit condominium tower to be designed by Zyscovich Architects and Alison Spear. The buyer is an undisclosed Brazilian investor.
Elsewhere in Edgewater, Melo Group wrapped construction on 22 Skyview, a 258-unit, 32-story rental apartment tower in October. Related Group is at work on Paraiso Bay and Icon Bay. [Daily Business Review] — Mark Maurer