Undeveloped Miami Land Contracted to Affiliate of JPMorgan Chase
Aug 13, 2013 August 13, 2013
An affiliate of JPMorgan Chase & Co. has contracted to purchase a portion of a 22-acre lot of undeveloped land in Midtown Miami. The purchase is concurrent with the recent announcement by JPMorgan Chase Bank to construct three new banking locations in Miami in addition to eight additional branches throughout the state. According to the sales documents, the buyer is Midtown Acquisition and is affiliated with the Commingled Pension Trust Fund of JPMorgan Chase.
Located south of Miami’s Design District and east of the fledgling Wynwood arts district, the Midtown neighborhood was formerly a storage yard which was redeveloped into a residential and retail space. The area also borders the developer-favorite Edgewater neighborhood, which is experiencing a real-estate boom and skyrocketing property values thanks to its new status as a Midtown Miami development darling. The 22 acres of undeveloped land is being offloaded after only two years of ownership by a collection of Delaware-based corporations that spent approximately $62 million in 2011 for the lot at Miami Avenue and Northeast 36th Street.
The site was formerly planned to host the construction of the Midtown Five condo tower by the same seller who has also recently proposed plans for condo towers at Midtown Three and Midtown Six. The building was to be a nearly 400,000 square-foot structure offering 392 residential units and over 32,000 square feet of retail space. The new acquisition could give further credence to speculation that JPMorgan plans to build another financial center in Midtown Miami.