A pair of investors recently doubled their property holdings in downtown Miami with the $6.3 million purchase of three parcels.
The properties are directly across the street from All Aboard Florida’s MiamiCentral station — a massive mixed-use development that promises to bring a passenger rail service to the downtown area.
The lots, at 201 Northwest First Avenue, 95 and 57 Northwest Second Street, make up about half an acre of prime real estate. Greenwood Miami purchased all three parcels in late November for about $280 per square foot, the Next Miami first reported on Thursday.
That company is managed by Daniel and David Stone, who also run a company that owns another half-acre directly north of those three lots. Records show their total purchase price is nearly $10 million for an acre of land that’s currently being used as a parking lot.
The land also houses a small two-story retail strip that’s leased out by Subway, 1st Avenue Bistro & Bakery and 221 Cafe.
This is the same block that’s the focus of a lawsuit raised by developer Moishe Mana against the Miami Parking Authority. The authority awarded a land lease to development firm Grand Station Partners, which proposed expanding on the existing parking garage at 40 West Miami Avenue as well as building a new 33-story rental building on the remaining vacant land.
Mana, who owns 14,325 square feet of the block, contended in his suit that the authority didn’t put out a proper notice on how to bid for the lease. The developer had submitted his own proposal, but the parking authority reportedly voted in favor of the Grand Station project instead. [The Next Miami] – Sean Stewart-Muniz