Miami’s 300 Biscayne Sells for $80 Million

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The sale of a downtown Miami trophy asset that had been held up by receivership litigation has closed, the Daily Business Review has learned.

A two-acre site at 300 and 330 Biscayne Blvd. was the subject of a court-ordered marketing and bidding process by brokerage firm HFF, and the transaction closed Friday.

The company received 15 bids and accepted the highest offer of $80 million, a source close to the transaction said Monday. The highest offer came from PMG-CH Downtown Developers LLC, a Delaware limited liability company. The initials have been used in previous ventures by New York-based Property Markets Group.

The site, which includes an 11-floor office building, is approved for the development of two 93-story residential towers with more than 1,500 units.

The property had been planned as the mixed-use Empire World Towers. It went into receivership after father-and-son developers Leon Cohen Levy and Mauricio Cohen Assor were convicted of tax evasion and sentenced to federal prison in 2011.

Source: http://m.dailybusinessreview.com/