Big profit for seller of former church building in Miami

Miami /
Nov.November 18, 2014 11:15 AM

A company tied to Miami Beach-based QueensFort Capital made a substantial profit on the sale of the former First Church of Christ Scientist home just north of downtown Miami.

Reading Room Partners sold the two-property site, which includes a sanctuary originally constructed in 1926, for about $14.3 million in a transaction recorded on Monday, according to Miami-Dade County records. The company paid $6.3 million for the 1836 Biscayne Boulevard and 256 Northeast 19th Street properties. It planned to reposition the religious buildings into high-end restaurants.

The buyer is a company linked to Miami-based Fifteen Group. No financing was recorded.

Reading Room was able to boost the site’s value by getting the City of Miami to upzone the properties, according to city records. Up to 500 units per acre can now be developed there. Previous zoning only allowed for 150 units per acre.

Fifteen Group has been busy buying and selling Greater Downtown Miami property this year. In July, a Fifteen Group company paid $19 million for a downtown building occupied by FedEx. One week earlier, the company sold a Midtown land assemblage for $12.3 million, a $7 million premium from what it paid for the site four years earlier. — Eric Kalis


Related Articles

arrow_forward_ios
Abraham Edgardo Ortega is one of nine people charged in the laundering scheme. (Getty, Department of Justice)
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Former Venezuelan oil exec sentenced in $1B money laundering scheme
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
East End Capital’s Jonathon Yormak, BentallGreenOak’s Sonny Kalsi and 100 Biscayne Boulevard. (East End Capital, BentallGreenOak)
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
6303 and 6505 Blue Lagoon Drive with RealOp Investments CEO Reggie Bell (Google Maps, LinkedIn)
RealOp Investments buys Waterford office complex for $110M
RealOp Investments buys Waterford office complex for $110M
RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture
From left: Coral Gables police headquarters at 2801 Salzedo Street, Codina Partners chairman Armando Codina and a view of the new Gables PD building at 2151 Salzedo Street (Google Maps, Codina)
Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap
Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap
Redsky Capital's Benjamin Bernstein and the Wynwood Block building at 2621 Northwest Second Avenue (Google Maps)
RedSky, JZ sell Wynwood Block at a loss for $24M
RedSky, JZ sell Wynwood Block at a loss for $24M
Citywalk Apartments at 415 Northwest Ninth Street (Courtesy of The Porosoff Group)
Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M
Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...