A development site measuring 1.64 acres located at Southwest 72nd Avenue & Southwest 85th Street in Miami was sold. The property was purchased for $20,000,000, reflecting a decrease from its previous sale price of $31.9 million in 2022. The site was previously planned for a 25-story, 650-unit tower by Macklowe Properties and is strategically positioned near the Dadeland North Metrorail Station, providing access to transit-oriented development opportunities amid newly approved zoning incentives.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $20,000,000
• Buyer: Jon Paul Pérez - Related Group
• Seller: Harry Macklowe - Macklowe Properties
• Lender: City National Bank of Florida
• Location: Southwest 72nd Avenue & Southwest 85th Street, Miami
• Acres: 1.64

The transaction involved Jon Paul Pérez representing the Related Group as the buyer, while Harry Macklowe served as the seller for Macklowe Properties. The financing for the purchase was provided by City National Bank of Florida.