PMG is planning to build a two-phase project at 400 Biscayne, according to the SFBJ.
The first phase will include a 45-50 story rental tower with over 500 units. PMG also plans a second phase with condos once the market firms up.
The church selling the property will have 20,000 square feet of space in the new building deeded over as part of the deal.
Stantec is the architect preparing the design of the new tower.
PMG is paying $53.6 million for the property after beating out nine other bidders, according to The Real Deal. The deal is expected to close in October.
(photo: phillip pessar)