Related Group picks up two lots next to Miami Dade College for $9M

The Miami-based developer bought the property for $584 psf

Sep.September 16, 2019 11:30 AM
233 North Miami Avenue and Jorge Perez

233 North Miami Avenue and Jorge Perez

A company tied to the Related Group scooped up two lots near Miami Dade College’s downtown campus for $8.8 million.

Parcel C LLC, which shares an address with the Related Group, bought the combined 15,000-square-foot site at 225 and 233 North Miami Avenue for $584 per square foot, records show.

Henrietta and Burl Sostchin sold the 10,000-square-foot property at 233 North Miami Avenue, while attorney Jeanne Heyward sold the 5,000-square-foot property at 225 North Miami Avenue, records show.

Related secured $3 million in seller financing from Jeanne Heyward to acquire the property, according to records.

There is currently a 2,500-square-foot building on the property, which is adjacent to New World School of the Arts and one block southwest of Miami Dade College’s Wolfson campus.

The Related Group previously sought to develop a mixed-use project nearby at 520 Biscayne Boulevard in a public-private partnership with Miami Dade College. Related’s proposal included a 75-story condominium tower, a 39-story office tower, a 100-room hotel and private club.

Miami Dade College ended the bidding in the competition in 2016 after the process became entangled in litigation.

Led by Jorge Pérez, Miami-based Related Group has built and managed more than 90,000 condominiums and apartments since its founding in 1979, according to its website. It is known for its high-rise condos in Miami, including 50 Biscayne, Brickell Heights and four recently completed Paraiso towers.

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