The site of the stalled Logik office tower at 530 Northwest 1st Court has been sold for $3.5 million. The sale closed last week.
Buyer Krystal Investment Solution LLC is planning to reposition the property for residential use.
Matthew Jacocks, a Sales Director at Capital Commercial Real Estate Group, Inc. represented the seller. Jacocks tells exMiami that the city placed a demolition order on the half-built structure while the property was under contract, complicating the sale. The Seller and Buyer managed to have the demolition order removed after engineers deemed the structure to be safe.
A neighboring property is said to be under contract to a high-profile developer. In addition, All Aboard Florida and Don Peebles are planning a major project on CRA-owned land across the street.