Midtown 6 Site Is In Contract, Midtown 7 Could Also Be Sold

A large parcel in Midtown Miami where the Midtown 6 condo was once planned is in contract, and the buyer also has an option to purchase the Midtown 7 site.

An affiliate of Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank signed a memorandum last week confirming the contract on the 93,140-square-foot Midtown 6 site and an option on the 80,365-square-foot Midtown 7 site.

Seller Midtown opportunities had filed condo documents in 2012 for 398 residential units and twelve commercial units on the site, to be called Six Midtown Miami. That condo declaration was terminated last week.

In May 2013, an affiliate of the same JPMorgan entity signed a contract to purchase the Midtown 5 property. The sale eventually closed in October 2014 after approvals were obtained, with construction beginning immediately led by Magellan Development Group of Chicago.

Last week, Related Group and Dezer development broke ground on the Hyde Midtown/Midtown 3 project, with 400 residential units and 60 condo/hotel units.

 

A rendering of Midtown that is over a decade old showing Midtown 2-7

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Anonymous
5 years ago

Midtown is definetely the hottest rental market…higher rents than Brickell.
great for investors

Anonymous
5 years ago

OH i am sure it is “great for investors” I got an idea you invest in midtown and i will light 750K on fire and we will see who is better off. You must be the same clown who was telling people in 2004 that “real estate can only go up.”

Marc305
5 years ago

Your comment is completely off. I do not hide behind Anonymous monikers and everyone here knows I have been in Real Estate since 2001. As the first Anonymous said, Midtown is a good investment and it is on par with Brickell. Right now the cheapest studio is going for $1800 per month and the most expensive Penthouse is over $9000. Based on the prices that investors paid for such units in these buildings they are more than in the black each month. Furthermore, the location of Midtown makes it very likely that prices will continue to rise in the coming years, giving them a nice profit when they do sell.

Anonymous
5 years ago

I would like to see him light a fire to 750 dollars. Heck, I bet he wouldn’t light a fire to just seven dollars.

Anonymous
5 years ago

Higher than Brickell? Are you on bath salts? Maybe the rents are higher than West Brickell, but certainly not along major streets and Biscayne Bay.

Anonymous
5 years ago

Could be a bullish signal for Miami as the pensions are looking for yield and they sure aren’t getting it in equities.

William
5 years ago

These two locations will be accross from Wally World!

Anonymous
5 years ago

Everytime I think about the privilege of one day living here, paying $2,000 rent, and walking across the street to spend Obamabucks on some Steel Reserve and Oreos, I feel this thrill going up my leg.

Anonymous
5 years ago

At least you have some “Obamabucks” to spend. Finally got some dollars in your pocket huh after getting “Bushwacked” and going broke.

Anonymous
5 years ago

YOU SIGN UP. IF YOU ON FOOD STAMPS. YOU ON SOCIAL SECURITY. YOU GOT LOW INCOME. YOU DISABILITY. KEEP OBAMA IN PRESIDENT YOU KNOW. HE GAVE US A PHONE. EVERYBODY FOR MIDTOWN WALMART GOT OBAMAPHONE.

Anonymous
5 years ago

Obviously these critics have NO idea whats going on in Midtown and surrounding areas.

Anonymous
5 years ago

Is this Vadia’s land? How much did he sell it for?

Anonymous
5 years ago

An acre in wynwood is about $20 million. This is more than 4 acres should be about $80 million.

Anonymous
5 years ago

Vadia is partner with Magellan on Midtown Five

Anonymous
5 years ago

Midtown 6 looks like crap anyway. I’m actually glad they changed the whole southeast section because that looked pretty mundane, too. Wishfully thinking, if Walmart went elsewhere, an IKEA (hell, or even a Costco) would be perfect at the giant parcel.

Anonymous
5 years ago

Why not all three, Midtown could use all of them, as well as a Brandsmart and a Bed Bath and Beyond.