All Aboard Florida has closed on the purchase of property where 3 MiamiCentral will be built for $5.4 million. The transaction was first reported by The Real Deal.
3 MiamiCentral will include 130,157 square feet of retail, office and commercial space on a 1.89-acre lot located at 160 NW 7th Street. It will also include 1,114 parking spaces that will serve the MiamiCentral mixed-use project and the Lyric Theater.
As part of the deal with seller Southeast Overtown/Park West Overtown Community Redevelopment Agency, vertical construction must begin by May 15, 2016. AAF also faces fines if construction isn’t finished within two years.