Related Group just made another expensive Miami acquisition with big development plans.
The company paid $57.3 million for 2.8 acres at 1400 Biscayne Boulevard, in front of the Adrienne Arsht Center for the Performing Arts. Related intends to build a mixed-use project with three towers totaling nearly 2 million square feet of high-end residential and retail space. A low-rise office and retail building is located on the site.
Espacio USA, an arm of Spanish real estate firm Immobiliaria Espacio, sold the site to Related. The company paid about $32 million for the property in 2010.
Miami-Dade County has not recorded the transaction.
“This location is a prime opportunity to be part of a strategic location between Brickell [and] the Design District, next to Museum Park, Related chief operating officer Matt Allen said in a statement cited by the Miami Herald.
Marcus & Millichap first vice president of investments Alex Zylberglait arranged the transaction. [Miami Herald] — Eric Kalis