Miami Beach won’t buy land in South Beach for a transit hub after an appraisal came in much lower than what the city had offered.
City Manager Jimmy Morales had signed a letter of intent last month to buy about three-quarters of an acre at 1100 Fifth St. in South Beach. The city offered $26 million for the parcel, contingent on an appraisal, but the appraisal came in at $20 million.
The city amended its purchase price to $20 million, but the owners “just rejected it outright,” Morales said.
“At this point, that deal is dead for now,” he added.
The city had considered buying the land to turn it into a transit hub after talks revived of building a light rail connection across Biscayne Bay between the Miami and Miami Beach.
The land is on a busy corner where the MacArthur Causeway ends at Fifth Street. The land is now leased by a Burger King and Pier 1 Imports, and the city owns parking lots behind those businesses.
Morales said the city isn’t actively looking for alternative transit hub sites.
“We thought since this was on the market, it might be a unique opportunity,” he said.
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