Florida East Coast Industries just closed on two parcels of public land in downtown Miami, locking in another component to its massive MiamiCentral mixed-use development.
FECI and AAF Miami TOD Holdings LLC paid $14 million for the city-owned parcels at 104 Northwest First Avenue. Also included is a half-acre strip of land at 435 Northwest First Court, which runs parallel to Northwest Sixth Street, between Northwest First Court and Biscayne Boulevard.
The deal was approved by city commissioners in 2015, but terms were not worked out till now. As part of the deal, the partnership is required to pay the city $500,000 to build a new city fire station.
The land is near the county courthouse and the Stephen P. Clark Center. According to published reports, parts of Northwest First Avenue were closed in order to realign the street, as part of the multimillion-dollar MiamiCentral project being developed by FECI.
Once complete, the MiamiCentral will rise on an 11-acre site in downtown Miami that will bring myriad apartments, shops and offices to the city. The station will integrate the Miami-Dade County Metrorail and Metromover systems. FECI is also building the Brightline rail system.