World Trade Center Developer Pays $65 Million For Biscayne Boulevard Property

The developer of the World Trade Center in São Paulo has purchased a Holiday Inn on Biscayne Boulevard for $65 million. He plans to demolish it to build one of Miami’s tallest buildings, the World Trade Center Of the Americas.

The 77-story World Trade Center is designed to include 1.4 million square feet of space, which is the maximum permitted on the property under zoning code. The project is now fully approved, after the FAA said last month that the tower’s height of 969 feet above ground would not pose a threat to air travel.

The project will include:

  • 400 residential units
  • 246,529 square feet of office space
  • 100 hotel rooms
  • 516 parking spaces

Gilberto Bomeny, a Brazilian developer of World Trade Centers, and Regalia Sunny Isles developer Louis Montello, are listed on corporate records.

The Herald reported that the sale closed at $65 million, or about $1,611 per foot of land for the .93-acre site. Next door, developer PMG paid $80 million for the 88,791-square-foot Empire World Towers, or $901 per foot. That land has less frontage on Biscayne Boulevard.

The company managing the Holiday Inn has a lease that goes into 2016, with a possible extension, a lawyer told Nick Nehamas.