Related Group has closed on the purchase of the 2.8-acre 1400 Biscayne property for $57.3 million from Espacio USA.
A Related exec told the Miami Herald that they could build a 3-tower, 2-million square foot project that includes retail and luxury residential. Each tower would rise above 60 stories.
The developer still hasn’t decided exactly what will be built, and will use the income stream from the current building in the meantime.
Espacio had planned a mixed-use project for the site designed by Pei Cobb Freed Partners.