Downtown Miami’s 1775 Biscayne property has been sold to a Pennsylvania developer, and a redesign of the tower is planned, according to the SFBJ.
LCOR, which is based in the Philadelphia area, paid $49 million for the 1.08-acre site. The sale closed on May 26.
The developer is now preparing plans for a new tower on the site, LCOR said in a statement.
LCOR’s new tower will rise 40 stories and include:
- 540 apartments
- Co-working and amenity spaces
- 14,000 square feet of retail
- 600+ parking spaces
Groundbreaking is planned in early 2024, with completion in 2026.
Previous plans from 2017 for a project called V Tower on the site included a 53-story, 633-foot tower with 444 residential units, 200 hotel rooms, 45,600 square feet of retail/restaurant, 64,800 square feet of office, and 546 parking spaces.
The old design, now being revised: