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Midtown Miami Project is Up For Sale

Big news regarding local real estate - the Midtown Miami project is up for sale. Critical Miami says the developer wants out for tax reasons.

“The owner is claiming that he wants to sell “for tax reasons,” and that he’ll make about the same amount of money selling now as if he held on until construction was finished and sold the finished units. Which idea the article pretty well refutes, suggesting the obviousness of the assumption that he’s trying to sell now because of low and dropping demand for residences. Maybe someone else can “buy the risk” and get hosed down the line.”

Midtown was considered the anchor project in Miami’s revitalization.

If the developer for such a secure property is getting cold feet, that says something about his confidence in the market.

This quote from Miami Herald sums it up nicely:

‘‘I find it surprising that a developer who took it this far does not see it through, with a controlling interest, until the end,’’ said real estate analyst Michael Cannon. Typically you don’t cash out the general partner until it is all done. The real profits come at the end.’‘

To date, only one of the eleven planned towers is complete and two others are under construction.

But don’t shed a tear for the Developer. He is asking for $375 million.

In 2002, he purchased the land for $34.5 million.

Nothing beats making a 1,000% return on your investment.

Hopefully, the buyers who have purchased condos at Midtown will see a return on their investment too.

Related:
Soon We’ll Be Shopping at Midtown

Gus Moore heads up Miami Beach 411 as site administrator. You can reach him at 1-305-754-2206.

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3 Responses to "Midtown Miami Project is Up For Sale"

    MR UNHAPPY INVESTOR says:

    Investor in that project were bound to make money. The idea was great, the people were professionnals on the sales team, planning, designer and the architects too.. All aspects for a great project were in place. But real estate takes time and devotion and i guess the developer didnt have that and went for a better deal of his own in brooklyn.

    I hope he realises that a lot of people invested on his background both professional and ethical as well as his well-publicised love for the city in miami.

    If this development doesnt keep up with the standard that they sold the project on (sales tem replaced, developper out and what about construction)Midtown Miami and Mr Cayre will definetely be exposed to legal problems in front of their investors because it really smells like the movie “THE STING” with Paul Newman and Robert Redford.

    Hope for the best and always get ready for the worse.

    Reply

    Posted on 08/04 at 5:10 AM
    RJ says:

    These guys are pulling out because they are now engaged in one of the largest real estate projects in the country in Bridgeport, ct….they want to take the cash and invest it there.

    Reply

    Posted on 01/20 at 6:04 PM
Condominiums says:

The massive mixed-use residential development planned for the former Buena Vista rail yard north of downtown Miami, is up for sale. The asking price: $375 million. Developer Joe Cayre said Monday he is selling up to 80 percent of the project for tax reasons but hopes to remain in control of it. Real estate broker Edie Laquer, who is selling the property, said they always planned to sell after construction started. But market watchers immediately questioned whether this is another example of a residential developer trying to limit risk at a time when the housing market…

Reply

Posted on 01/17 at 2:17 AM

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