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

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

TRD MIAMI /
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.


Related Articles

arrow_forward_ios
Charles and Daneen Stiefel with One Park Grove (Getty)

Pharma mogul Charles Stiefel buys Coconut Grove penthouse

Pharma mogul Charles Stiefel buys Coconut Grove penthouse
Bottom row: Nick Sharp, Felix Bendersky and Jaime Sturgis; top row: Mayor Dale Holness and Mayor Carlos Gimenez (Instagram/threefoldcafe, F&B, Linkedin, Office of the Mayor, Twitter)

Restaurateurs to protest restrictions in Miami-Dade. In Broward, it’s a different story

Restaurateurs to protest restrictions in Miami-Dade. In Broward, it’s a different story
Alex Rodriguez, Tom Murphy, Jorge Pérez, Gil Dezer, and Jackie Soffer (Credit: Michael Loccisano/Getty Images)

Money in the bank: Here are the South Florida real estate players who got PPP loans

Money in the bank: Here are the South Florida real estate players who got PPP loans
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
arrow_forward_ios

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

Loading...