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