Miami Condo Market and Lifestyle Updates
Groups Bid $100 Million on a Downtown Miami Lot

Groups Bid $100 Million on a Downtown Miami Lot

by Sep Niakan | May 14, 2014

The waterfront lot next to Miami's EPIC Hotel and Residences has received two offers of over $100 million for the property.

A company tied to Ugo Colombo and Diego Lowenstein, developers of EPIC, want to sell the 1.25 acre lot located at 300 Biscayne Boulevard Way, and have hired brokers to sell it. CBRE, a commercial real estate company, began showing the property to prospective buyers about a month ago.

Since then, almost 100 groups have been interested in acquiring the property, but Given and Gerard Yetming, the brokers leading marketing for the lot, will not respond to the bids until all have been made.

“We’re looking for the best combination of pricing as well as the quality of the developer,” Given said. They believe there is more to selling the property than the price tag.

In the history of Miami, only nine properties have sold for over $100 million, including the Related Group's purchase of the 444 Brickell Avenue property for $104 million in December of 2013.

 

Source: therealdeal.com

Photo credit: Downtown - therealdeal.com

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