AMLI Residential paid $55 million for the Chiquita property in Midtown Miami last week, but there are deed restrictions that limit the height of a project there.
The developer has approved plans for a two-building, 700-unit rental project. Those two buildings may not exceed 156 feet and 145 feet in height, recorded documents show.
The restriction will preserve view corridors for the eventual buyer of the Six Midtown and Seven Midtown sites. An affiliate of JP Morgan Chase has those properties in contract (The Real Dealis erroneously reporting that those sites have already been sold.)