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

Opinions and Advice

Miami Pre-Construction Frequently Asked Questions

by Sep Niakan | May 22, 2017

How much is the fee to have a knowledgeable and licensed Miami real estate broker help me select the right property? How much of my money does developer use during construction? What are the penalties if I decide to cancel my pre-construction...

Opinions and Advice

Comprehensive Guide to Buying a Pre-construction Property or Condo in Miami

by Sep Niakan | May 22, 2017

Why You Need to Read This Miami Pre-construction Condo Guide Miami Pre-Construction Phases How to Negotiate the Best Miami Pre-Construction Deal How to Finance Pre-Construction Property Closing Costs for Pre-Construction...

Lifestyle

Save the Date for these Stellar June Events in Miami

by Sep Niakan | May 20, 2017

With summer here, Miami turns up the heat with the hottest events lining up for the month of June. You can find a new way to spend each day, whether it's catching up on international cinema, going on a food-eating spree, or peering over the...

Real Estate News

Luxury Miami Condo Report : April 2017

by Sep Niakan | May 18, 2017

Miami Luxury Condo Report Overall Market Summary   City and Neighborhood Luxury Condo Reports   Miami Beach Luxury Condo Report South Beach Luxury Condo Report Mid-Beach Luxury Condo Report   Surfside Luxury...