What's company is buying a parcel in Miami for $57M and has a name that sounds like cousins and aunts and uncles? Related Group.
The site, nestled in between downtown Miami, Wynwood and the Design District, links Edgewater to neighborhoods downtown. Their plans call for a mixed-use project with nearly 2 million s.f. of retail and luxury residential real estate.
Perhaps Related Group has the lucky charm in a different economic climate. They've been busy these days, what with closing on the second phase of Doral View with joint-venture partner Rockpoint Group to develop 360 luxury apartment units. They may fare better than other plans for the site. A couple years ago, Architect I.M. Pei had two towers--one small, one tall--in the works with the Spanish developers Espacio.
Back to the present time. SFBJ reports on the rosy outlook of Related Group COO Matt Allen, who said "This location is a prime opportunity to be part of a strategic location between Brickell and the Design District, next to Museum Park. "We are seeing a shift where buyers want to be a part of a community built around a tradition of culture. With the Arsht Center directly across street and PAMM and the Frost Science Museum nearby, our future residents will be in the very heart of Miami's thriving arts and culture scene."
· Related Group buys Miami parcel for $57M [SFBJ]