A partnership between Related Group and Merrimac Ventures have closed on the purchase of a parcel at Miami Worldcenter for $12 million.
In a statement, the developers said they would soon announce “a transformative project within Miami Worldcenter,” on their newly acquired property.
Details of the project will be released within weeks, they said.
The 24,000-square-foot property is located at 601 N. Miami Avenue and is currently used as surface parking.
The Related and Merrimac joint venture that closed on the property is named DT G Block LLC.
The Okan Tower site is across the street to the south. The site for the second Caoba tower is across the railroad tracks to the north. Also planned on the same block: Melo Group’s Downtown 6th, among others.
This is the first joint venture between Related and Merrimac, and the first time Related has acquired a development property at Worldcenter.
Related has multiple projects under development nearby, including District 225 – a 39-story car-free condo tower allowing short-term rentals.