MIAMI — Property Markets Group has acquired the Empire World Towers site, a two-acre development site in Miami’s urban core, for $80 million. The site is located downtown at 300-330 Biscayne Blvd.
The Empire World Towers site is approved for two 93-story towers that can contain 1,557 residential units. The mixed-use towers are also approved for 24,741 square feet of retail space and 3,317 square feet of office space. Upon completion, the towers would be the East Coast’s tallest structure south of Manhattan.
The development is situated directly across from Bayfront Park. The Empire World Towers enjoy permanently preserved bay and ocean views. The project will be within walking distance to American Airlines Arena, Miami Dade College, Bayside Marketplace and the 765,000-square-foot Miami World Center Mall, which will soon be developed.
Luis Flores and Rebecca Sarelson of Arnstein & Lehr LLP represented Property Markets Group in the transaction. The seller, a trust established for the benefit of CDR Creances S.A.S., was represented by HFF’s Jaret Turkell, Hermen Rodriguez, Manuel de Zárraga and Scott Wadler.
Marcos Daniel Jiménez and Gregg Fierman of McDermott, Will & Emery represented CDR in the sale and litigation.
“This transaction is highly significant in that it will ultimately reshape the Miami skyline,” says Turkell. “The zoning allows a highly intense development with virtually limitless possibilities.”
Property Markets Group is a New York City-based real estate acquisition and development firm with global real estate assets.
— Nellie Day