Chicago-based AMLI Residential has acquired an 80,000-square-foot development site from real estate developer Midtown Development in Midtown Miami. Midtown Opportunities VB LLC, an affiliate of Midtown Development, sold the vacant 1.84-acre site to PPF AMLI 3001 NE 1st Avenue LLC, an entity linked to AMLI, for $30.5 million. The property is addressed as 3001 Northeast 1st Avenue, often recognized as Midtown 7, and is bounded by Gio Midtown on the north and Yard 8 Midtown on the south between Northeast 1st and East Coast Avenues with additional frontage on Northeast 30th Street.
Back in 2017, Megellan Development Group submitted plans for a 31-story tower to the city which would have included 391 residential units and 505 parking spaces. According to the Assignment of Development Rights recorded on November 19th, the site currently permits the construction of a 451,469-square-foot structure with up to 389 units. Upon Completion, AMLI would transfer 28,000 square feet of leasable retail space to Midtown Development, and will have the first right of refusal in the case Midtown Development decides to sell it. It is unclear if AMLI will move forward with the previous plans for the Midtown 7 site or choose to go with different plans.
3001 Northeast 1st Avenue (Aerial View). Courtesy of Miami-Dade County.
“We’re happy to welcome AMLI to the neighborhood once more,” said Alex Vadia, principal of Midtown Development. “On the ground level, we’ll continue to line Midtown Boulevard with local retailers, lifted by the draw of select national favorites, like Trader Joe’s, which makes the Midtown neighborhood even more walkable and enjoyable for the public.”
3001 Northeast 1st Avenue. Courtesy of Google Maps.A
Robert Given of Cushman & Wakefield represented the seller.
Ground is expected to break in 2022 with a projected completion date in 2024.
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