Well, previously published rumors of Grand Central Park's demise have proven true, folks. The old Miami Arena site, currently being used as a park that was meant to catalyze change in the surrounding neighborhood, has been sold for a whopping $35 million to a major stakeholder in Miami Worldcenter: Art Falcone of the Falcone Group.
How could one of the most abysmal corners of downtown Miami - a place where pretty much nothing was happening at the beginning of the year, except for the park - fetch such a fantastic price? Well, it's wedged between two upcoming megadevelopments: the new FEC downtown Miami station, which was announced earlier this year, and the huuuuuge Miami Worldcenter, which has seen renewed life since the announcement of the station. Oh, and this empty piece of land is zoned for 1,400 condos. Yeah, a hell of a lot of condos in a spot that all of a sudden became a very prime location, between two big new projects, with great transit access. And now the even bigger MWC will have direct access to almost-high-speed intercity rail.
· Former Miami Arena site involved in $35 million transaction [DBR]
· Grand Central Goner? [Curbed Miami]