Related Group may be planning to build an ultra-luxury condo project on Terminal Island.
The company now likely controls a 3.71 acre property on the island through a series of deals made last month.
In mid-June, a Related affiliate purchased the note on the property, while simultaneously taking an ownership stake in the borrower through another affiliate. The property had been leased to a shipping company, but that lease was terminated last month.
Earlier this week, Related said they were planning their most expensive condo project ever in the Miami Beach area (without specifying a location,) with prices starting at $2,500 per square foot.
The Terminal Island property is the site where a 20-story, 60-unit condo tower designed by Lord Norman Foster (along with a deep water marina) was once planned.
In 2014, Newgard Development had proposed combining the property with an adjacent, 2.16 acre city-owned parcel to enable construction of the condo project. The proposal included building office and parking spaces for city use, but Miami Beach’s commission deferred a vote on the deal.