$80 Million Sale Of Empire World Towers Site Delayed For Another Month

The closing date for the sale of the Empire World Towers site has been delayed a month.

Under the original terms of the contract, PMG was to close on the purchase next week (October 15). Instead, the closing date is now scheduled for November 14.

In exchange for the one month delay, PMG is putting down a $3 million deposit, which is in addition to the $7 million already deposited. PMG is also paying $300,000 for an extension fee. The $10 million in deposits along with the extension fee are nonrefundable, and will be forfeited if PMG fails to close on time.

The $80 million purchase price remains the same.

exMiami broke the news of the contract in July. A sale of the contiguous Holiday Inn property is also rumored to be pending.

Jaret Turkell and Scott Wadler at HFF are handling the sale of the property on behalf of the seller.

 

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Afi K. James
6 years ago

We need the empire world towers to be built.

gregory
6 years ago

Well the Miami World Center, baylink, extended metromover and metrorail also need to be built.

David
6 years ago

Baylink, metromover and metrorail are public projects. This is a private project so not sure what you mean. Also, Empire World certainly looks more attractive then Miami World Center. Have in mind that Miami World Center renderings as a whole were created by the current owners of lot but they have indicated that they are flipping all that land so each new owner will bring in their own architecture and design team. Current renderings of Miami World Center are kind of useless.

gregory
6 years ago

“Empire World certainly looks more attractive then Miami World Center” Even though the current owners of the land for Miami world center are flipping all of it, Miami world center will still transform 10 blocks of urban blight. That is something Empire world isn’t going to do. Secondly I only stated the baylink, extended metromover and metrorail being built, I know its a public project.

Anonymous
6 years ago

I agree that MWC is a far more important project. Also even if flipped, Macys and Bloomindales signed up under the impression that it’d look that good so I don’t think the new owners can “cheapify” it too much.

Anonymous
6 years ago

looks Uber expensive compared to what related just bought behind the Arsh center

anonymous
6 years ago

not at all. you can’t even compare the locations

Anonymous
6 years ago

off course you can compare everything all the time…

they paid 57MM for 2MM sft
the second tower at Empire will be blcked with what they develop at Holliday Inn.

smarter anonymous
6 years ago

That’s a ridiculous argument. So 2MM sq. ft. in Hialeah is as valuable as 2MM sq. ft on Park Avenue?

The developer did not buy the site for the second tower. No experienced, local condo developer is going to attempt to construct twin 93 story condo towers with today’s financing structure. It will almost certainly be one redesigned tower on Biscayne. And keep in mind that the Empire Towers have a MUSP in place with around 3MM sft of development rights. 1400 Biscayne is in a far less favorable zoning corridor with worse foot traffic and comps selling and priced far below the Empire site. Neither of these sites are Villa Magna or Genting’s Herald site, but Related’s deal is the head scratcher here.