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

Lifestyle

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...

Lifestyle

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...