Miami-based Related Group, expanding its ambitious development portfolio in Miami, closed on the acquisition of 1400 Biscayne Boulevard for $57.3 million.
Related plans to develop a mixed-use project with three towers, spanning nearly two million square feet of “luxury residential and prime retail” space on the 2.8-acre site that sits in front of the Adrienne Arsht Center for the Performing Arts.
“This location is a prime opportunity to be part of a strategic location between Brickell [and] the Design District, next to Museum Park,” Matt Allen, Related’s chief operating officer, said in a statement. “With the Arsht Center directly across the street and Pérez Art Museum Miami and the Frost Science Museum nearby, our future residents will be in the very heart of Miami’s thriving arts and culture scene.’’
The seller was Espacio USA, the U.S. arm of Immobiliaria Espacio, a Spanish real estate firm, which purchased 1400 Biscayne Center in 2010 for more than $32 million. The site currently has a low-rise office and retail building. Espacio had itself been planning a major development on the site.
Related has led the charge in Miami’s latest condo construction boom. Its SLS Brickell project began construction this year and is set to be completed in 2016. Related expects to break ground on Hyde Midtown and SLS Lux this fall, and One Paraiso, the second of four planned towers in a cluster in Edgewater, is expected to break ground in November.
In Hollywood, Related broke ground last week at Hyde Resort & Residences Hollywood.
Related said it also closed this week on the second phase of Doral View, a 360-unit apartment project, which it is doing with a joint venture partner, Rockpoint Group.
This week, The Related Group also closed on the second phase of Doral View with JV partner Rockpoint Group to develop 360 luxury residential apartment units.
The Related Group is currently developing a number of fast-selling properties between the downtown and midtown corridors, led by Carlos Rosso, President of The Related Group Condominium. SLS Brickell broke ground earlier this year and has a 2016 completion date; Hyde Midtown and SLS Lux both start construction this fall, and ONE Paraiso, the second of four planned towers within the Paraiso community, breaks ground this November. Further north, Hyde Resort & Residences Hollywood broke ground last week.