Real Estate

Omni CRA To Purchase Citizens Bank Building

in , , ,
Citizens Bank Building 

Citizens Bank Building 

The Omni Community Redevelopment Agency has agreed to purchase the Citizens Bank Building in the Arts & Entertainment District located at 1367 North Miami Ave, according to The Next Miami. 

The purchase price for the building is $4.5 million and is being sold by Big Time Equipment Inc, who bought the property for only $215,000 in 1998.

The 14,820 square foot building was built in 1925 by architect H. George Fink in a neoclassical façade with corinthian columns and used as a Citizens Bank. The building received historic designation in 1988.

In recent years, the building has sat empty, but the area was used in the Summer of 2011 as a set based on the Sunset Strip in Los Angeles for the movie "Rock of Ages", starring Tom Cruise. 

City Of Miami To Purchase Land For New Fire Station In Downtown Miami

in , ,

Site of New Fire Station at 13 NW 6th St

On April 27th, City Commissioners voted to purchase a 30,189 square foot lot in Downtown Miami located at 13 NW 6th St for $3.45 million.

The land will be bought from AT&T who purchased it in 1986 for $1.6 million. 

Plans are to use the land for a new Fire Station and replace the existing station at 144 NE 5th St.

The site is located to the East of the under construction MiamiCentral complex, which is set to begin service in August and just South of the under construction Miami Worldcenter complex.

 

1221 Brickell Purchased For $155M

in , , ,

1221 Brickell along Brickell Avenue

The 1221 Brickell office tower on Brickell Avenue has sold for $155 million and was purchased by Rockpoint Group.

The seller of 1221 Brickell is Blackstone Group, which purchased the building for $107,284,950 in September 2006. 

Built in 1986, the 27 story 1221 Brickell was designed by Harwood K. Smith & Partners and is known for its glass curtain exterior. The center of the building has neon striped lights that illuminate at night and houses the elevator shaft. The building has been featured in many episodes of Miami Vice.

 

Old Buena Vista Post Office In Design District Sold For $8.1M

in , ,

Buena Vista Post Office in Design District

The old Buena Vista Post Office in the Design District has sold for $8.125 million, according to The Real Deal. 

The 2,287 square foot building was sold by Lyle Chariff and Steve Budin, who purchased the property in 2003 for $479,000. The buyers are not yet known.

Since the building was built in 1925, over the years it has been used as a post office, courthouse, insurance office and restaurant.

Two Wynwood Buildings Sold For $11M

in , ,

295 NW 27th Street in Wynwood

Two buildings located at 285 and 295 NW 27th Street in Wynwood have sold for $11 million, according to SFBJ.  

The properties were built in 1947 and 1952 and were purchased by Block Capital Group. Retail and a restaurant are planned for the site.

In December 2015, Block Capital Group partnered with The Related Group on a purchase of a 52,500 square foot of land in another section of Wynwood.

El Eden Motel In Brickell Sold For $18.4M

in , , , ,
El Eden Motel in Brickell

El Eden Motel in Brickell

The El Eden Motel in Brickell has been sold for $18.4 million, according to The Real Deal. 

The buyers are Tony Cho of Metro 1 Development and Robert Finvarb of Robert Finvarb Companies who plan to develop the site into a 24 story, 250,000 square foot mixed use hotel. The project will be designed by Arquitectonica, who also designed the newly opened Brickell City Centre, which is located across the street.

The two southern portions of the three lots were purchased for $35,000 and $90,000 in 1975 and the El Eden Motel was built in 1976. In 1988, the last lot on the North part of the site was sold for $390,000 and the expansion of the Motel was complete in 1990.

The Starlite Motel next to the El Eden Motel was sold for $25 million in December 2014.

Demolition of the El Eden Motel should begin later this year and groundbreaking on the new mixed use hotel should start in early 2018.

Brickell Gas Station Sold For $8M

in , ,

Chevron Gas Station in Red

A Chevron gas station in Brickell located at 720 SW 2nd Ave has sold for $8 million, according to The Real Deal.

The half acre site was purchased by Simon Karam's City Block Properties and was last sold for $1.49 million in 1999. 

The gas station is located across the street from the planned Miami River complex by Chetrit Group, which take place in five phases.