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At full build-out, Midtown Park will feature six towers, including four residential buildings and two office structures.

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This sale marks a lucrative exit for the sellers, who bought the tower about seven years ago for $248.5 million.

Once known more for agriculture than housing, the Homestead area and surrounding parts of South Dade. are seeing a surge in development activity as land availability in Miami-Dade County continues to shrink.

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The 5,875-square-foot building, constructed in 2014 on a 5,000-square-foot lot, previously sold for $21.5 million in 2016, reflecting a solid gain in value.

Miami city commissioners are scheduled to vote on a deal that would allow PAMM to continue running the billboard in exchange for at least $500,000 in annual payments to the city and compliance with new restrictions on brightness and operating hours. If approved, the agreement would end a long-standing legal dispute and preserve the high-profile sign.