A Chicago-based residential developer paid $55 million Wednesday for a vacant 6.6-acre lot in Midtown Miami that used to be a Chiquita Banana shipping facility.
The developer, AMLI Residential, plans to build two rental buildings, a 12-story north tower with 485 units and an eight-story south tower with 215 units. Morgan Stanley has owned AMLI since 2005.
Real-estate investor and developer Alex Vadia paid $11.5 million for the property in 2011, meaning he earned a $43.5 million profit. The site is located between 2900 NE Second Ave. and 3010 NE Second Ave., Miami.
CBRE brokered the deal.
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The site is located blocks from the Midtown Miami development, which starting in 2005 turned an abandoned Florida East Coast Railways yard into a bustling hub of shops and residential towers. Bernard Zyscovich, a local architect who designed the original Midtown Miami plan and is also part of Moishe Mana’s large-scale redevelopment play in nearby Wynwood, has been tapped by ALMI for their project too.