The Miami Station development site has just been purchased by a partnership of developers.
Chicago-based developer The John Buck Company – Florida Value Partners, and BH Group with PEBB Enterprises paid $39.5 million for the 1.03-acre site, or $800 per square foot, according to a press release.
This is the first Miami property for The John Buck Company, which has developed over $7 billion of real estate projects, including several landmark buildings and skyscrapers in Chicago, Washington D.C., Philadelphia, and Abu Dhabi.
The Miami Station property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
Planning and FAA approvals have already been issued for a 42-story tower, and a demolition permit is already active to clear the site.
Berkadia arranged the sale. Senior Managing Directors Jaret Turkell and Roberto Pesant, Managing Director Scott Wadler, Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Financial Analyst Jose Mota of Berkadia South Florida marketed the property on behalf of the seller, BH 18 Investments LLC and Meyers Group.