Posted Jul 19, 2020, 7:18 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
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Developer buys Miami Worldcenter site for mixed-use project
Quote:
Miami Worldcenter’s developers sold a site at the megaproject for $18.85 million to Akara Partners, which plans to build a mixed-use project.
Miami Worldcenter sold 36,273 square feet of developable land to the Chicago-based development group, and another 8,227 square feet of undevelopable land underneath the Metromover. The two pieces of land total 1 acre, according to a release.
The property is along Northeast Second Avenue, between Northeast 10th Street and Northeast 11th Street, adjacent to the Eleventh Street Metromover Station.
Akara Partners plans to develop its mixed-use hospitality-oriented apartments known as Kenect at the site. The project will feature 450 apartments, 10,000 square feet of retail and 20,000 square feet of coworking space, according to the release.
Cushman & Wakefield’s Robert Given, Troy Ballard, and James Quinn represented the seller.
Miami Worldcenter, which spans 27 acres, is being developed by Art Falcone, Nitin Motwani and Dan Kodsi. It is one of the largest commercial real estate projects on the East Coast.
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TRD
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