Empire World Towers: Winning Bidder Selected After $80 Million Offer

The Empire World Towers site will soon have a new owner.

PMG CH Downtown Developers, LLC has emerged as the the top bidder for the property with an $80 million offer, exMiami has learned.

Bids were due on July 9, with PMG selected as the finalist on July 21. A total of 15 offers were submitted, ranging from $25 million to $80 million.

PMG agreed to a $7 million deposit and a due diligence period that expires on August 1. A judge must also approve the sale, likely a formality.

In 2005, the property was sold for $31.75 million at what was then the peak of the market.

 

PreviouslyNew Broker Hired To Market Empire World Towers Site

 

Below images of the cancelled previous project (via Kobi Karp)

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Anonymous
7 years ago

Compared to the purchase of the EPIC2 site for $125million, this is a great value. Still a ridiculous amount of money but you have to see the fact that its one of the best sites in Miami.

marc
7 years ago

I agree, great value for such a prime location, highly visible and up front whenever there is any camera work done of Miami’s skyline.

Dev1
7 years ago

Echo III please no more Carlos Ott

Anonymous
7 years ago

Agree. Carlos Ott completely overrated

Anonymous
7 years ago

Pitty that the Holiday Inn has also traded and will block all their views!

Anonymous
7 years ago

I thought the holiday inn was included.

Anonymous
7 years ago

nope different group bought the Holliday Inn

Anonymous
7 years ago

Then I take back the best site in Miami reference, which reverts back to the Paramount site,700biscayne?

Anonymous
7 years ago

Holiday inn site has not traded

Anonymous
7 years ago

who brokered the deal?

Dev1
7 years ago

Echo Aventura, Echo Brickell, let me guess….Echo Biscayne! C’mon Kevin Maloney no more Echo no more Carlos Ott do something original there.

gregory
7 years ago

Haha, No more SLS named buildings either LOL

anony
7 years ago

HFF brokered the sale

Anonymous
7 years ago

Holliday Inn was not part of this deal….who ever gets that one will mess PMGs views. Doubt they close the transaction without HI.

Anonymous
4 years ago

Charcol Color. Yeiks. It’ so ugly and color inapproriate.