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.
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.
While a rate cut would reduce borrowing costs and may jumpstart some transactions, industry professionals caution that it’s just one component of a complex financial equation.
The joint venture intends to transform the existing condo building located in South Beach into a luxury residential tower overlooking Biscayne Bay.
If finalized, this would mark the largest office sale in South Florida so far this year.
Amazon initially leased 50,000 square feet in January after reports surfaced that the Seattle-based tech giant was looking for up to 80,000 square feet in Miami.
The deal now places the entire 500,000-square-foot shopping destination under the control of Simon Property Group.
The 2.8-acre parcel, located at 700-799 Brickell Avenue, was once slated to become the One Brickell City Centre, a 1,000-foot-tall office tower. However, Swire scrapped those plans earlier this year, citing difficulties in the current office market.
No-bid government land deals are typically justified in emergency situations, such as post-disaster recovery. However, when there is no emergency and without a competitive process, Miami-Dade county can’t be sure it’s getting the best deal possible.