Real Estate News

What’s next for the Midtown Miami site once destined for a Walmart?

Originally, Walmart planned for a three-story building with five loading bays at 3055 N. Miami Ave.
Originally, Walmart planned for a three-story building with five loading bays at 3055 N. Miami Ave. Midtown Opportunities

Walmart sold its property in Midtown Miami last week, and while the new owner has released only a few details, the plans are meeting favor with area residents who opposed putting a Walmart on the site.

“We are still in the preliminary planning phase of the site’s development,” wrote Alex Vadia, principal of Midtown Opportunities, the new owner, via email. “The vision is of a substantial development that will activate the parcel’s strategic corner location while blending in with the neighborhood’s current aesthetic. The project will be large-scale and multi-use with an organic grocer retail anchor.”

The concept was right in line with the thinking of Grant Stern, an Edgewater resident who opposed the idea of Walmart on the site.

“I’m excited for a regular mixed-use development,” said Stern, a mortgage broker. “I would love to see a movie theater and organic grocer.”

Walmart bought the 200,353-square-foot property at 3055 N. Miami Ave. in 2014 for $8.2 million with plans for a three-story building with five loading bays.

Area residents actively opposed the retail giant, filing legal challenges that were ultimately decided in Walmart’s favor. The company actually broke ground on the project in 2016.

Since 2011, Midtown Opportunities has owned air rights over the property as well as neighboring parcels. Last week’s purchase brought its total holdings to 5.5 acres and air rights allowing 24 to 36 stories of vertical construction.

In addition, Midtown Development, a branch of Midtown Opportunities, will open the 32-story mixed-use building Midtown 6, at 3101 N.E. First Ave., in 2020. Magellan Development Group is a partner in that deal.

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Rebecca San Juan writes about the real estate industry, covering news about industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to be reporting on her hometown.
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