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John Buck JV acquires Miami development site for $40m
A joint venture between the John Buck Co., Florida Value Partners, BH Group and Pebb Enterprises, has acquired a one-acre development site in downtown Miami for $39.5 million, or $800 per square foot. The Central, an affiliate of Aventura-based BH Group and Meyers Group, was the seller and represented by Berkadia. Centennial Bank provided a $19.75 million loan to the buyers.
The site is planned for a mixed-use tower called Miami Station. Located at 533 N.W. Second Ave. in the city’s downtown area, zoning allows for the construction of 36 stories, with the possibility of 24 additional stories dependent on FAA and MDAD approvals. Plans call for the construction of 301 residential units, along with 244,000 square feet of office space and more than 7,000 square feet of retail space. The site is also located in a federal opportunity zone, offering potential tax savings for the developers in the future.
The site is also across from the Brightline Train Station and with