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.
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.