Property Markets Group acquired the site of a downtown Miami church along Biscayne Boulevard for $55 million, with plans to build a major mixed-use tower.
The First United Methodist Church of Miami sold its 1.15-acre property at 400 Biscayne Blvd. to New York-based PMG. The deal was partially funded by Toronto-based Greybrook Realty Partners, which previously announced plans to invest $32.2 million into the project.
The site is near American Airlines Arena, Miami Dade College, and the College/Bayside Metromover Station.
PMG’s Ryan Shear, Evan Schapiro, Matt Ellish, and Yechiel Ciment negotiated the deal. They were represented by Saul Ewing Arnstein & Lehr attorneys Luis Flores, Rebecca Sarelson and David Yontz, plus Josh Kaplan at Bilzin.
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