Related Gripus Plans to Develop 3 Towers in Front of the Adrienne Arsht Center
Demand for new construction properties continued to impact the Miami existing real estate market in August and September as reflected by sales activity, prices, and rising inventory, according to the 31,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. Consequently Related Group despite the dozens of projects that have already under construction will be providing more inventory for our market.
Related Group just made another expensive Miami acquisition with big development plans. The company paid $57.3 million for 2.8 acres at 1400 Biscayne Boulevard, in front of the Adrienne Arsht Center for the Performing Arts. Related intends to build a mixed-use project with three towers totaling nearly 2 million square feet of high-end residential and retail space. A low-rise office and retail building is located on the site. Espacio USA, an arm of Spanish real estate firm Immobiliaria Espacio, sold the site to Related. The company paid about $32 million for the property in 2010. Miami-Dade County has not recorded the transaction. “This location is a prime opportunity to be part of a strategic location between Brickell [and] the Design District, next to Museum Park, Related chief operating officer Matt Allen said in a statement cited by the Miami Herald. *The Real Deal
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