A development property that includes the former INS Building at Biscayne Boulevard and 79th Street has been sold.
B Group Capital Management paid $23 million for the property in a court-ordered-sale, according to a press release.
Around 500 residential units can be built in addition to commercial uses, with a total buildable area of approximately 889,000 square feet, the release said. The development could include two 12-story buildings.
There are two parcels included in the sale, including a 2.6-acre property where the former INS Building was, and a 0.9-acre waterfront parcel along Little River.
Avison Young’s Florida Capital Markets Group closed the sale on behalf of court-appointed receiver Michael Goldberg. Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Jay Ziv; John K. Crotty; David Duckworth; and Brian C. de la Fé completed the sale.
