The new development will also be large scale, the developer said. Between 24 and 36 stories can be built.
Midtown Opportunities is the new owner, paying $26.4 million for the 4.6-acre site. The company already owns adjacent land, and is also co-developing a 32-story apartment tower called Midtown 6 that is near completion.
Walmart tripled their money on the deal in five years – they bought the property for $8.2 million in 2014. The company was unable to obtain a construction permit from the city, since it needed a unity of title from the Midtown Community Development District and Midtown Opportunities who owned land on either side.