Posted May 29, 2019, 1:08 AM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,696
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New York Developer Joins Miami Worldcenter Project
Quote:
A New York-based real estate company is the latest to join the sprawling Miami Worldcenter mixed-use project.
Lalezarian Properties LLC, a family-owned real estate manager and developer, bought nearly 2 acres for $43 million as part of the 27-acre, 10-block downtown project. The property is between Miami and Northeast First avenues and Seventh and Eighth streets.
The $4 billion Miami Worldcenter east of the Virgin MiamiCentral train station will have four residential towers, two hotels and 300,000 square feet of retail across two promenades and a main square.
It’s unclear exactly what Lalezarian has planned, although the South Florida Business Journal, which first reported the sale, reported the site is entitled to up to 2,600 residential units.
A partnership that includes Nitin Motwani and Art Falcone leads the Miami Worldcenter project, and other developers are building individual aspects.
Hotel chain CitizenM, based in the Netherlands, earlier this year paid $10.75 million for a hotel site.
ZOM Living and the Moinian Group are developing a 43-story, 434-unit luxury luxury Luma apartment tower.
Another apartment tower, the 43-story, 444-unit Caoba at 698 NE First Ave., is finished.
The 700-foot tall Paramount condo tower at 1010 NE Second Ave. is at least 85% sold and due for completion in June.
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https://www.law.com/dailybusinessrev...20190428210656
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