Miami Condo Market and Lifestyle Updates
Midtown Property Sold to Developer for $12.25 Million

Midtown Property Sold to Developer for $12.25 Million

by Sep Niakan | September 04, 2014

The Fifteen Group sold the land planned for the Electra project in Midtown Miami for $12.25 million recently.

The party who purchased the 3601 North Miami Avenue plot is Aventura Hotel Properties, a firm managed by Francisco Arocha. Arocha is planning on purchasing a few properties in Miami and building some Aloft Hotels in the area.

Back in 2005, the City of Miami approved the Electra project for the site in a controversial approval. The project would have been designed by architect Kobi Karp for the 147-unit tower.

Opponents of the Electra project noted that the tower would stand at 420 feet tall, making it the tallest building in the area.

Fifteen has moved on to a different project idea, beginning with the purchase of a FedEx building in the downtown area of Miami. The property is said to be prime real estate in the heart of downtown.

 

Source: exmiami.org

Photo credit: Electra  exmiami.orgAloft Hotel  development.starwoodhotel.com

Recent posts

Real Estate News

Miami New- and Pre-Construction Condo Update: April 2017

by Sep Niakan | May 29, 2017

For this month’s pre-construction market roundup, we have Biscayne Beach ready to welcome residents, a boutique condo proposed for South Beach, a lawsuit on sloppy documents/buyer's remorse (you decide), and two approvals. Have a look...

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...