Property Markets Group is under contract to purchase 400 Biscayne Boulevard for $53.6 million, sources told The Real Deal.
The New York-based developer is paying nearly $30 per buildable square foot for the property, sources said. The site allows for 1.8 million square feet of development.
PMG plans to build a two-phase project beginning with an apartment tower, according to PMG director Evan Shapiro. The second phase is to be determined.
First United Methodist Church is selling 400 Biscayne, a 1.15-acre downtown Miami site that allows for about 1,150 residential units and unlimited height, pending FAA approval, under its T6-8O zoning. It has 305 feet of frontage along the boulevard. It hit the market with HFF’s Jaret Turkell and Maurice Habif in September.
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