Alex Vadia sells Midtown 8 site to Wood Partners for $25M

Miami /
Nov.November 28, 2016 01:30 PM

Midtown Miami investor Alex Vadia sold the Midtown 8 development site to Atlanta-based Wood Partners for $25 million. 

Wood Partners filed plans earlier this year with the city of Miami for a 28-story, 387-unit building on the 2-acre site, which was owned at the time by Vadia’s Midtown Opportunities. As part of the deal, Midtown Opportunities will keep ownership of the ground floor retail space at the mixed-use project, according to a press release.

As planned, the building at 2901 and 2951 Northeast First Avenue would have the ground floor retail space and a total of close to 30,000 square feet of commercial space, an amenity deck above the attached 519-space garage, 27 bike parking spaces, and a clubhouse. Units will range from studios, one-bedrooms and two-bedrooms to three-bedroom penthouses with high ceilings.

The 390,000-square-foot development would back up to Florida East Coast Industries’ train tracks, so the developer proposed design “enhancements” on the ground level to activate what it describes as dark and unsafe space, Stantec architects previously told The Real Deal. Those include a landscaped linear park with a dog park, Citi Bike rack and an art wall, all open to the public.

Wood Partners plans to break ground on Midtown 8 early next year, Stantec said in July. Records show Midtown Opportunities Vib LLC paid nearly $6 million for the Midtown 8 land in 2011.

The development arm of Midtown Opportunities is partnering with Magellan Development for Midtown 56 and 7– Katherine Kallergis


Related Articles

arrow_forward_ios
WATCH: Avra Jain on Miami development and “getting off the Beach”
WATCH: Avra Jain on Miami development and “getting off the Beach”
WATCH: Avra Jain on Miami development and “getting off the Beach”
A rendering of the the property at 3601 North Miami Avenue and HES Group CEO Francisco Arocha (Photos via HES, Francisco Arocha)
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Midtown Five with (from top) Magellan CEO David Carlins, Sterling Equities' Fred Wilpon and Saul Katz 
Magellan sells Midtown Miami apartments for $154M
Magellan sells Midtown Miami apartments for $154M
3601 North Miami Avenue with Francisco Arocha
Midtown Miami development site in foreclosure hits the market
Midtown Miami development site in foreclosure hits the market
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)
Wood Partners lands $86M refi for Midtown Miami apartments
Wood Partners lands $86M refi for Midtown Miami apartments
Renderings of Midtown Miami (Credit: AMLI)
AMLI launches leasing of massive Midtown Miami project during pandemic
AMLI launches leasing of massive Midtown Miami project during pandemic
Mauricio Zapata, Lyle Chariff, and Luis Guevara, with a rendering of NeueHouse Miami
Co-working operator NeueHouse expands to Miami
Co-working operator NeueHouse expands to Miami
The Estefan warehouse next to Set Midtown’s office project before its billboard went up.
Gloria and Emilio Estefan’s Miami warehouse project ignites billboard battle
Gloria and Emilio Estefan’s Miami warehouse project ignites billboard battle
arrow_forward_ios

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

Loading...