PMG has closed on the purchase of the Empire World Towers site in downtown Miami for $80 million.
In 2008, the city approved a Major Use Special Permit that permitted twin 93-story towers on the site. The MUSP included the right to build 1,557 residential units, 24,741 square feet of retail space, and 3,317 square feet of office space. An FAA approval permitting building heights of 1,000 feet has expired and would need to be resubmitted.
The property is within walking distance of Miami Worldcenter, which is scheduled to break ground by the first quarter of next year. Also nearby is All Aboard Florida’s MiamiCentral project, where site work is underway.
A Holiday Inn adjacent to the site remains in contract, with the contract said to have been flipped.
Seller CDR Creances was represented by HFF’s Hermen Rodriguez, Jaret Turkell, and Scott Wadler.
PMG recently broke ground on the 57-story Echo Brickell.