Miami Condo Market and Lifestyle Updates
An Abandoned Office Tower Project Sells for $12.5 Million

An Abandoned Office Tower Project Sells for $12.5 Million

by Sep Niakan | October 10, 2014

The 43,000 square-foot patch of land located at 3333 Biscayne sold for $12.5 million in early September.

The same buyer purchased another 11,500 square-foot property joined with 3333 Biscayne. The property sold for $2.2 million in the second half of August.

The properties combined total almost 55,000 square-feet.

The purchaser, who remains a mystery, enacted a 1031 exchange.

A 1031 exchange is an IRS code that allows an investor to sell their property, reinvest all of the funds into a new property, and not have to pay taxes on the old property.

Back in 2006, a high-end office and condo tower was proposed and approved for the plot, but no one ever built there.

The 14-story tower is now just a Wendy’s restaurant.

 

Source: exmiami.org

Photo credit: 3333 Biscayne  exmiami.org,

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