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: