The Real Deal Miami

Empire World Towers land could sell for $80M

Circuit Court judge could approve sale of downtown Miami site on Thursday
Empire World Towers rendering

Empire World Towers rendering

The Empire World Towers site could be the next in downtown Miami to sell for an expensive price.

A court-appointed receiver’s report on HFF’s marketing efforts for the 300 and 330 Biscayne Boulevard land indicates a deal could be completed as soon as Aug. 10. PMG-CH Downtown Developers is said to be the highest bidder with an $80 million offer. The use of PMG in the company name hints at the involvement of New York-based developer Property Markets Group in the bid for the two-acre site, which is approved for the development of two 93-story residential towers.

Jailed father-and-son developers Mauricio Cohen Assor and Leon Cohen-Levy planned to construct Empire World Towers before last decade’s real estate crash. The project was halted after the Cohens were hit with tax evasion charges and sentenced to prison.

A Miami-Dade Circuit Court hearing to approve the sale is scheduled for Thursday, according to the Daily Business Review. Judge Lisa Walsh is presiding over the case. [Daily Business Review]Eric Kalis