July 15, 2014
A new-to-market player from Argentina is the buyer of the waterfront property adjacent to the EPIC Hotel & Residences in downtown Miami.
The partnership between developers Ugo Colombo and Diego Lowenstein sold the 1.25-acre parcel at 300 Biscayne Boulevard Way for $125 million on Monday, according to the CBRE brokers who arranged the sale.
Riverwalk East Developments is the buyer. State corporate records link the buying company to the Coto family.
Led by prominent businessman Alfredo Coto, the Coto family runs the large Coto Supermarkets chain in Argentina.
Riverwalk East emerged from a group of 15 bidders.
“This was really the first waterfront site in downtown Miami or Brickell to come to market in this cycle,” Yetming said. “Interest was really varied.” Groups from Asia, New York, Europe and South America showed interest in the site.
The brokers narrowed the field to six prospective buyers before selecting Riverwalk East, which did not make the most expensive offer among the bidders.
“We selected this particular group because of its ability to close and how quickly we were able to agree on contract terms with them,” said Given, who noted the transaction closed within 30 days.
Maria Alvarez of CWV Realty Group represented the buyer.
The property was originally set for development as EPIC’s second phase.
Colombo and Lowenstein’s company received City of Miami approval for a major use special permit in 2004. Under the permit, the property owner could construct a 609-foot building with up to 596 residential units. A new owner could also ask the city to change the property’s zoning so it reflects the current Miami 21 code, which would allow a maximum of 1,250 residential units, according to CBRE.
Given and Yetming were assisted by CBRE first vice presidents Christopher Apone and Zachary Sackley, vice chairman Charles Foschini and financial analyst Mary Kate Swann.
Source: The Real Deal