Miami Beach might pay $26M for property

Pier 1 building in South Beach
Pier 1 building in South Beach

Miami Beach is considering buying a property that is presently occupied by Burger King and Pier 1 Imports for $26 million.

The land could eventually be used as a transit hub if discussions between the city, Miami and Miami-Dade County about a mass transportation system across Biscayne Bay lead to a concrete plan, according to the Miami Herald. City Manager Jimmy Morales signed a letter of intent to buy the 1100 Fifth Street property on Thursday. The next step in the transaction is an appraisal, followed by Miami Beach commissioners approving the purchase.

Mayor Philip Levine said the $26 million would come from the Miami Beach redevelopment district. The city already owns land behind the retail buildings.

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Burger King’s existing lease runs until July 2016. Pier 1’s lease expires in 2019, with two five-year renewal options. [Miami Herald]Eric Kalis