The Real Deal Miami

Empire World Towers land could sell for $80M

Circuit Court judge could approve sale of downtown Miami site on Thursday
July 25, 2014 09:45AM

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