1040 South Miami Avenue Was In Contract For $33M; Hotel, Retail And Residential Possible

Infinity At Brickell developer Y Group had been planning a mixed-use project at 1040 South Miami Avenue, according to a lawsuit filed in June (first reported by The Real Deal.)

Y Group’s John Yanopoulos discussed plans with Magic City Casino co-owner Isadore Havenick about building a CitizenM Hotel, along with retail and condominiums, the lawsuit states.

Havenick provided funding totaling $525,000, based on the understanding that the 25,000 square foot site was in contract for $33 million. That equates to a value of $1,320 per foot.

CitizenM has reportedly been looking to open a hotel in Miami, and Yanopoulos told Havenick that CitizenM had an agreement to pay $60 million for the hotel component.

Havenick filed the suit on June 30, after Yanopoulos failed to respond to a May 20 letter that the funds be returned.

 

(photo: phillip pessar)