Controversial Walmart site in Midtown Miami sells for $26M

Walmart sold the site after receiving backlash from neighbors and residents

Miami /
Sep.September 27, 2019 11:00 AM
3055 North Miami Avenue and Alex Vadia (Credit: Midtown Opportunities, TAMZ)

3055 North Miami Avenue and Alex Vadia (Credit: Midtown Opportunities, TAMZ)

UPDATED, Sept. 27, 5 p.m.: The former site of Walmart in Midtown Miami sold for $26.4 million to a neighboring Midtown developer, after years of contentious litigation from residents who opposed a superstore.

Walmart sold the 4.6-acre site at 3055 North Miami Ave for $131 per square foot to Midtown Opportunities, led by Alex Vadia, according to a press release. The developer could bring an organic grocer and indoor and outdoor retailers to the site, the release said.

The sale means that Walmart will no longer build a controversial 203,000-square-foot supercenter on the Midtown site. Walmart first received approvals for the store in 2013, and purchased the site in 2014. The plan, however, drew protests and litigation from community activists, led by Grant Stern, who said Walmart would bring too much traffic to the area and violated zoning ordinances.

According to a Walmart spokesperson, the company decided to sell the site due to such factors as the growth of Walmart’s e-commerce site, the opening of several new stores in the Miami-Dade area and the changing real estate market conditions in and around Midtown Miami. Walmart currently has three stores within 10 miles of the Midtown Miami site.

Midtown Opportunities now owns about 5.5 acres of contiguous land on the site. Zoning allows the developer to build from 24 stories to 36 stories.

Richard A. Perez and Shawn S. Amuia of Holland & Knight in Miami represented Midtown
Opportunities in the deal.

Midtown Opportunities is also partnering with Magellan Development Group to develop Midtown 6, a 32-story, mixed-use building projected to open in 2020.


Related Articles

arrow_forward_ios
The Surfside collapse condo site at 8777 Collins Avenue (Getty)
Surfside bidder gets extension for due diligence, pushing auction to April
Surfside bidder gets extension for due diligence, pushing auction to April
From left: Pedro Villar, owner of Aloft Miami Brickell, along with his attorney Joe Pack (Newstar Media)
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
Aloft Miami-Brickell exits bankruptcy, staves off foreclosure
One Bal Harbour at 10295 Collins Avenue in Bal Harbour, FL (Seaside Properties Group, iStock/Illustration by Steven Dilakian for The Real Deal)
One Bal Harbour associations settle suit over shared utility, valet expenses
One Bal Harbour associations settle suit over shared utility, valet expenses
RFR Holding's Aby Rosen (Getty), East End Capital's Jonathon Yormak (East End Capital) and 100 Biscayne Boulevard (iStock)
Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources
Aby Rosen’s RFR buys 100 Biscayne office tower in downtown Miami for about $90M: sources
Z Ocean Hotel in Miami Beach
Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners
Appeals court upholds $8M judgment against former Z Ocean condo-hotel partners
(Apartments.com, iStock/Illustration by Steven Dilakian for The Real Deal)
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Little Havana apartment building targeted in $15M mortgage foreclosure suit
From left: James Vosotas and Branden Muhl, former partners who teamed up to renovate and reopen Hotel Greystone (Vos Hospitality, Mahaska, LoopNet)
Partner in South Beach’s Hotel Greystone hit with $19M judgment
Partner in South Beach’s Hotel Greystone hit with $19M judgment
Judge Michael Hanzman and the Surfside condo collapse site (Getty, iStock)
Surfside collapse trial delayed to March 2023
Surfside collapse trial delayed to March 2023
arrow_forward_ios

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

Loading...