Miami Condo Market and Lifestyle Updates
Filling Station Lofts Forecloses at One-third of Original Asking Price

Filling Station Lofts Forecloses at One-third of Original Asking Price

by Sep Niakan | June 24, 2013

A rendering of Filling Stations Lofts

Miami’s Filling Station Lofts project, a long-stalled and only partially complete residential tower in Downtown Miami, has been sold at a nearly $18 million discount to a buyer who is committed to seeing the project through to completion. After seizing the site in foreclosure after purchasing a $27 million mortgage, PAC Capital has sold the property to FLS Development for a shade over $9 million. The tower is composed of 10 stories containing 81 loft-style units amassing an area of over 100,000 square feet.

Initially begun by developer Intrepid Group in 2006, the project was put on indefinite hold at the onset of the Great Recession leaving the interior of the building unfinished. The new owners, FLS Development, a partnership between NR Investments and Taho Investments, plan to commit about $11 million in investments towards completing the structure’s residential units along with a ground-floor retail addition.

The property is aiming to help ease the demand for living space in Miami while taking advantage of the relative lack of new inventory within the Miami residential market. The redevelopment is focused on the high-end rental market, in particular. Completion of the project is expected sometime during the first quarter of 2014.

Recent posts


10 December Holiday Events You Won’t Want to Miss

by Sep Niakan | December 06, 2016

It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...


Car-free in Miami: How to Give Up Your Car for Lyft and Uber . . . and Love it.

by Sep Niakan | November 29, 2016

This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...

Real Estate News

How Miami Condo Sales Will Benefit from New FHA Lending Rules

by Sep Niakan | November 24, 2016

Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...

Real Estate News

Reflecting on BrickellHouse Robotic Parking Garage Failure

by Sep Niakan | November 22, 2016

It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...