MDM’s 53- story convention center hotel is one step closer.
MDM closed on the purchase of the former Miami Arena site late Friday for $45 million. The developer has issued a press release confirming the purchase.
The deed is said to be restricted to only allow a convention center hotel to be built on the vacant lot. MDM has approval to build a 1,700-room hotel with 600,000 square feet of convention center space.
The 4.7-acre site at 700 N. Miami Ave last sold for $35 million in 2012.
MDM will break ground in the third quarter as it is still pursuing a tax subsidy deal with the CRA, a representative told The Real Deal. They previously said they would break ground in Spring 2017. The project has two phases, and both will completed by 2020.