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

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