John Buck JV Acquires Miami Site for TOD Project
Dubbed Miami Station, the development will be right across from the Brightline train station.
The John Buck Co., in a joint venture with Florida Value Partners, BH Group and PEBB Enterprises, has acquired a 1-acre site in downtown Miami for $39.5 million. The Chicago-based developer intends to build a mixed-use tower, dubbed Miami Station. Berkadia represented the seller, a partnership between BH Group and Meyers Group.
The area’s zoning allows for the construction of 36 stories, with the possibility of 24 additional ones dependent on FAA and MDAD approvals. Plans call for the construction of 301 residential units, along with 244,000 square feet of office space and more than 7,000 square feet of retail space.
Related Group had the site under contract until last year. The company intended to build a 42-story tower on the parcel at an estimated cost of $127.4 million, as reported by The Next Miami.
A transit-oriented location
Located at 533 NW Second Ave. in the heart of the city’s downtown area, Miami Station will be in an Opportunity Zone, right across from the Brightline Train Station and within walking distance of MiamiCentral Station, which will provide residents easy access to employers throughout the metro, but also to Fort Lauderdale, West Palm Beach and Orlando. The site is also close to Interstate 95, ensuring access to points of interest via automobile. Numerous entertainment and retail options are also near the development site.
Senior Managing Directors Jaret Turkell and Roberto Pesant, Managing Director Scott Wadler, Director Yoav Yuhjtman and Associate Director Omar Morales, along with Senior Financial Analyst Jose Mota, were all part of the Berkadia South Florida team that facilitated the transaction on behalf of the seller. Turkell mentioned in prepared remarks that numerous, recent corporate relocations have spurred demand for both residential and office in downtown Miami. Earlier this month, Atlantic Pacific broke ground on another transit-oriented project, located within walking distance of the Miami Station development.
Source: https://www.multihousingnews.com/john-buck-jv-acquires-miami-site-for-tod-project/