The Damaghi household of New York dropped $50.8 million for a pair of advancement web sites accredited for two household towers directly south of MiamiCentral in downtown Miami, The Real Deal has uncovered.
The clan is superior regarded for its Good Neck-centered household merchandise producing company than serious estate performs. But it now established its sights on South Florida’s real estate bonanza.
Associates of the Damaghi loved ones bought the vacant websites spanning 2.7 acres on the southwest corner of Northwest Third Avenue and Northwest Initially Avenue, in accordance to resources.
MiamiCentral station’s developer, Florida East Coast Industries, marketed the lot at 200 Northwest Very first Avenue for $26 million and the ton quickly south for $24.8 million, data display.
Miami-based mostly FECI, mother or father of the Brightline passenger educate, this year obtained acceptance from Miami-Dade County commissioners for a pair of Zyscovich-made towers with a mixed 2,007 household units, information exhibit. The challenge also would bring nearly 50,000 sq. feet of retail and 2,136 parking areas. Over-all, the towers would insert practically 4 million square ft to promptly redeveloping downtown Miami.
When the proposal has specific exception acceptance, it is nonetheless to attain a inexperienced light-weight for the web site plan.
A Cushman & Wakefield group led by Robert Offered represented FECI in the sale. Specified declined comment.
Kambiz Damaghi is an govt of To start with High-quality Enterprises, which would make feminine cleanliness, child treatment and adult incontinence products and solutions in addition to house goods, in accordance to media stories and the firm’s web-site. 1st Good quality, started off in 1989, also offers printing and packaging products and services. Other spouse and children customers include Babak and Nader Damaghi.
In Miami, the loved ones appears to want to maintain its invest in off the radar. Returning a connect with to TRD, a guy who determined himself only as “Mr. Damaghi” denied the relatives is the buyer. A few minutes afterwards, a particular person returned a phone designed to Moshe Oppenheim, who is the agent for the shopping for entities, in accordance to point out corporate data. The caller said he is a agent for the spouse and children and that he neither confirms nor denies that the Damaghis are the purchasers.
The offer comes as downtown Miami is poised to increase even much more skyscrapers.
Namdar Group, a spouse and children owned improvement company dependent in Wonderful Neck, N.Y., paid $40.5 million in August for the internet sites at 50 and 60 Northeast 3rd Street, as effectively as at 222 and 234 Northeast To start with Avenue. Namdar strategies a 41-tale, 640-device apartment developing and a 43-tale, 714-unit condominium building.
Voters in November permitted a measure that allows Hyatt and Gencom to substitute the James L. Knight Middle and a up coming-doorway lodge with a a few-tower venture together the Miami River. The Miami Riverbridge undertaking will convey 1,500 flats, a new 615-key Hyatt hotel with 264 service-branded apartments, a 190,000-sq.-foot conference house and 12,000 sq. ft of cafe and retail space.
All this comes as Miami-Dade issued a request to developers to spouse with the county to overhaul federal government buildings, general public parking and some retail that span 17 acres in downtown Miami. The ask for for proposals enables developers to get artistic but still sets some rules, such as calling for combined-cash flow housing and the construction of new commissioners’ offices, convention rooms and chambers, in circumstance the winning proposal seeks to replace the existing ones.