Miami Condo Market and Lifestyle Updates
Undeveloped Miami Land Contracted to Affiliate of JPMorgan Chase

Undeveloped Miami Land Contracted to Affiliate of JPMorgan Chase

by Sep Niakan | 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.

Recent posts

Real Estate News

2017 is Going to Be a Renter’s Market for Downtown Miami Condos and Apartments

by Sep Niakan | February 12, 2017

If you thought living in Downtown Miami was a distant dream, think again. 2017 comes bearing great news for those who’ve always wanted to live close to the urban core but couldn’t afford it. You will now be able to rent a Downtown Miami...

Real Estate News

Cité Condo in Miami Edgewater is Now Fannie Mae Approved, 5% Down Payments Are Back

by Sep Niakan | February 12, 2017

If you’ve been eyeing property in Edgewater, I have great news for you. With Edgewater’s Cité condos getting Fannie Mae approved, you could now get in with a lower down payment. Or better still, have reduced monthly payments due...

Real Estate News

Frost Museum of Science Likely Ready to Debut in Downtown Miami this Spring

by Sep Niakan | February 05, 2017

It looks like the Patricia and Phillip Frost Museum of Science has finally got the “spring” back in its step. A quick Google search reveals that the facility aims to open ‘early 2017’, which means it could be ready just in...

Lifestyle

Miami for Travel Buffs and Curious Locals

by Sep Niakan | January 22, 2017

Mention Miami and people conjure up images of wild parties, beach bodies, luxury condos and high profile events. However, there’s so much more to Magic City than its nightlife. Whether it’s your first time here, you’ve just...