Platinum On The Bay Miami Development Site sells For $29 Million – 42-Story Condo Planned

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A 2.6-acre bayfront development site between 29th and 30th streets on the bay in Miami’s Edgewater neighborhood has been sold for $29.1 million. The sale closed on March 27th.

Seller Fifteen Group purchased the site in 2011. Buyers GTIS Partners, a New York-based real-estate private-equity firm, and Eastview Development of West Palm Beach plan a 42-story condominium with 394 units.. The seller granted a $5 million mortgage to the buyer.

The land has a MUSP from the city of Miami for a 320 unit 590-foot 56 floor tower called Platinum On The Bay, however that plan included some land that was not a part of this sale.

This is the second major transaction in the neighborhood this month. Please see:

Element site sells for $29 million

Platinum on the Bay (2005):

2 Comments

  1. langbro

    May 13, 2013 at 2:11 am

    The buyers will be building a 42-story tower with 394 units.

    GTIS Partners, a New York-based real-estate private-equity firm, and Eastview Development of West Palm Beach acquired a 2.65-acre bayfront site between 29th and 30th streets with plans for a 42-story condominium with 394 units.

    “We like special sites — not ‘shoulder-shruggers,’ ” said Rob Vahradian, senior managing director of GTIS, touting the “fantastic views” along the 335 feet of bayfront.

    Vahradian sees Edgewater as “a transforming market, but not a pioneering one.” He points to the strong prices for the already-built Paramount Bay tower and for pre-sales of Related’s Icon Bay project.

    http://www.miamiherald.com/2013/05/11/v-fullstory/3392876/edgewater-emerges-as-miamis-next.html

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