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