The Real Deal Miami

Miami Beach scuttles $26M property purchase

Low appraisal led to city reducing offer, which owner rejected
May 09, 2014 01:30PM

Pier 1 building in South Beach

Pier 1 building in South Beach

After a disappointing appraisal, the City of Miami Beach decided not to move forward with the $26 million purchase of a property that would have been used as a transit hub.

City Manager Jimmy Morales signed a letter of intent last month to acquire the 1100 Fifth Street property. The deal was contingent on an appraisal, which ended up at $20 million. The offer was then reduced to $20 million, which the owner rejected, Morales told the Miami Herald.

“At this point, that deal is dead for now,” Morales said.

Burger King and Pier 1 Imports are tenants at the property. The city owns multiple parking lots behind the site.

The city is not searching for other potential transit locations at the moment, according to Morales. [Miami Herald]Eric Kalis