Platinum On The Bay Miami Development Site sells For $29 Million – 42-Story Condo Planned
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:
Platinum on the Bay (2005):