The site of a stalled office development near Miami’s Overtown area has been sold to a group that plans to reposition the property as residential.
Krystal Investment Solution, which has ties to a Brazilian developer, paid $3.5 million for the 530 Northwest First Court property last week, ExMiami reported. It has already filed plans with the City of Miami for a 153-unit residential tower. An office building called Logik was partially built during the last real estate cycle.
The city put a demolition order on the office building while the sale was under contract, according to Capital Commercial Real Estate Group sales director Matthew Jacocks, who represented the seller. Both sides were able to get the order lifted after engineers determined the structure was safe. [ExMiami] — Eric Kalis