Vadia Set To Cash In As Midtown Land Value Quadruples In Just Three Years
Midtown Miami’s remaining vacant 18 acres, owned by Alex Vadia’s Midtown Opportunities, has been generating strong interest from buyers after recently being listed for sale, according to the WSJ.
Listing broker CBRE Group told the paper that it has received offers nearing $200 million for the land. That compares to $57 million that Vadia and his partners are said to have paid for 22 acres just three years ago.
Related Group and Dezer Development already have a deal to buy one parcel from Vadia for $12 million for the Hyde Midtown project. A unit of JP Morgan Chase has a deal for another Midtown parcel at an undisclosed price, with plans for an apartment building.