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.
by Sep Niakan | January 12, 2017
According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...
by Sep Niakan | January 09, 2017
Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...
by Sep Niakan | January 08, 2017
Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...
by Sep Niakan | December 28, 2016
We all know Wynwood as the friendly, hipster neighborhood splashed with the best street art in the world. It’s where we all go for our art fix, browse far-out finds and linger around for a couple of craft beers. But, how about shopping,...