A development site in downtown Miami where the Mishorim Towers is planned has been sold.
Privately-owned Sageblan Investments of Montreal purchased the property for $18.25 million.
“We believe in the future outlook of the Miami downtown core and look forward to bringing to life a project that will be beneficial to the community we are in,” said Gaurav Gupta, Managing Partner and President of Sageblan in a statement.
However, a broker involved in the sale told The Real Deal earlier this week that the buyers purchased the property “solely based on income,” and that building a project “is not in the plans yet,” although it may be considered eventually.
Israel-based Mishorim sold the property, which currently houses an 863-space parking garage.
In 2019, Mishorim submitted plans to replace the garage with a twin-tower project to Miami’s Urban Development Review Board. It was proposed to include:
800 residential units
120 hotel units
7,110 square feet of commercial space
264 parking spaces
The residential units were planned to be sold as condos, Mishorim had said in 2019, and the company had also been in negotiations on potential hotel flags.
The twin towers were proposed to rise 63 stories (701 feet) and 55 stories (597 feet).
Kobi Karp is the architect who designed the 2019 proposal.