Skylight Real Estate Partners, Panther Capital Management, and Arden Group just paid $20 million for the historic First Church of Christ, Scientist, built in 1926. The property is in an Opportunity Zone.
Fifteen Group was the seller.
The new owners said they will break ground in Q4 2022 on a 40-story, 418-foot tower using plans that have already been approved.
By going with the previously approved plans from 2019, the developers estimate they will save a year that would have been required to obtain approval.
The previously summitted 1836 Biscayne plans call for:
Rebuild of church space into ground floor retail
389 parking spaces (421 spaces if mechanical lifts are used)
The renovation of the church space, with its tall ceilings, “is going to be amazing,” a broker said.
Completion will take 24 to 27 months.
The sale has not yet been recorded, and a construction permit does not yet appear to be pending.