LA Buyer Of Worldcenter Parcel Agrees To Restrict Office, Hotel & Residential Development

Three entities controlled by Los Angeles-based Chiron Investments closed on the purchase of a parcel adjacent to Miami Worldcenter for $16.5 million.

The buyer also agreed to significant restriction on development to obtain that price.

In total, 21,879 square feet of land is included. PUG44 LLC, PUG45 LLC, and MRC 44 LLC are the buying entities.

Here are the restrictions on development:

  • Residential – if the property is developed as residential, the maximum number of units is 544 units, with a maximum gross square footage of 672,438.
  • Hotel – if developed as hotel, there are restriction on which hotel brand it may operate under, including certain Marriott flags. Those restrictions can last between 2 to 3 years after Worldcenter completes the sale of another nearby parcel. Miami Worldcenter has a separate agreement in place to sell Block F East, which will be developed as a hotel.
  • Office – The newly sold parcel may not be developed as office until at least 80% of space in the Hines Worldcenter office tower has been leased, or four years after the sale of property from Worldcenter to Hines has closed.

 

 

 

the restrictions are to protect this hotel proposed across from paramount:

(photo: phillip pessar)

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A. Nonymous
2 years ago

This is a voluntary agreement among the parties. Buyers are getting a cheaper price for the land in exchange for development limits that benefit Sellers.
It’s free enterprise at work.

¯\_(ツ)_/¯
2 years ago

Hopefully they will bring in office space. The last thing this city needs is another hotel or luxury condominium.

Anonymous
2 years ago

Did you finish reading the article? Refer to the last paragraph… ¯\_(ツ)_/¯

¯\_(ツ)_/¯
2 years ago

*Nene Leakes voice* I SAID WHAT I SAID!

Anonymous
2 years ago

How about any of the previous Marriott proposals are built instead of the sad watered-down box, and then we can talk about “protecting” it.

Anonymous
2 years ago

This just means that the buyers have a long term outlook and may withhold moving forward for some time.

Anonymous
2 years ago

Haha that’s very loco!!!

Anonymous
2 years ago

What is wrong with this city? Anytime we read about some new development, we read about restrictions.

Paul
2 years ago

The seller is already developing an office building directly adjacent to this property and is building a massive Marriott convention center blocks away. They sold their property to another private developer under the condition that they don’t compete directly with those investments. This isn’t the city enforcing restrictions on property rights, this is two private entities coming to a mutually benefiting agreement. Honestly, what’s wrong with that?

Anonymous
2 years ago

Further cementing MWC’s current status as a disappointment.

Anonymous
2 years ago

How can the place be a disappointment when it’s not even finished yet?

Anonymous
2 years ago

They can’t read. Only looking at the pictures.

Anonymous
2 years ago

Pretty pictures ?