The developer will build a 690-unit apartment tower as the first phase.
Previously, PMG said that the second phase may include a condo tower.
PMG Closes on their Latest Project- 400 Biscayne Boulevard for $55 Million
Financing for the deal was provided by Greybrook Realty Partners
MIAMI, FL- January 18th, 2018- Developer PMG, led by Kevin Maloney and Ryan Shear, is pleased to announce the acquisition of 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami, Inc (FUMC). The first project on the land at 400 Biscayne will fall under PMG’s X Social Communities portfolio, which caters to modern professionals seeking a connected and convenient lifestyle at an attainable price in a downtown setting. The project will feature approximately 20,000 square feet of commercial space as well as over 690 units overlooking Biscayne Bay in the heart of Downtown Miami.
“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” adds Ryan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”
Ryan Shear, Evan Schapiro, Matt Ellish, Yechiel Ciment led the PMG team on the closing of this property. Luis Flores, Rebecca Sarelson and David Yontz of Saul Ewing Arnstein & Lehr LLP were the attorneys who represented the PMG in the transaction. In addition, Josh Kaplan at Bilzin assisted with REIT compliance issues.
As the third property that Greybrook Realty and PMG have partnered on in South Florida, this transaction further solidifies the longstanding and formidable relationship between the two organizations. “We are delighted to be partnering once again with PMG. A highly regarded and forward-thinking developer, 400 Biscayne will benefit greatly from PMG’s consistent focus on delivering premium lifestyle amenities and smart-building technology to its projects,” states Peter Politis, CEO of Greybrook Realty Partners.
The purchase of the land allows for the church to continue operating post-closing until the developers are ready to move forward with their plans. Upon construction of the new development, PMG and Greybrook have agreed to build a new state-of-the-art church with its own separate entrance. Plans for the new church will be a collaborative effort between PMG and the seller, FUMC Church.
“FUMC wanted to rebuild the Church in the same location, so the relationship with the potential buyer was very important. They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term,” said Luis Flores, a partner with Saul Ewing Arnstein & Lehr. “The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future Church. Throughout the negotiations, we maintained a cooperative approach in order to create a solid foundation for a long-lasting relationship.”
Pastor Dr. Audrey Warren of FUMC, who headed the project comments; “This property decision is one of the most important ones in recent decades for the church. The timing was right for the church to take advantage of the revitalization in the neighborhood and gracefully grow together with the thriving city around us. This sale will provide a new structure and parking to meet the church’s future operating needs and the resources to grow the ministries of this downtown campus. We are excited to collaborate with PMG and other community partners to make a positive impact in downtown Miami for years to come.”
Social Communities also known as “XSC” is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. More info at www.xliving.co.
Common amenities include co-working spaces that eliminate the need for an office, oversized gyms and fitness studios with frequent group classes, communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs, and bike storage facilities. Many units come pre-furnished for a turnkey move in. A proprietary mobile app enables keyless entry, manages guest lists and access, adjusts smart thermostats, notifies about packages, and facilitates social events. In addition, 400 Biscayne will also offer retail and restaurant space that’s integrated with the resident experience.
PMG is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years. Projects in the pipeline include: the 464-unit “X Miami” in Downtown Miami, opening in summer 2018; the 99-unit “X University Village” in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit “X Union Station” in Denver, opening in 2020. Several additional projects are being planned in other major markets.