Miami Acre Fetches $7.3 Million

Oct 09, 2013 No Comments by

U.S. Bankruptcy Judge A. Jay Cristol approved the sale of a real estate development site in the arts and theater district of Miami to NR MaxMiami LLC for $7.3 million.

NR MaxMiami, led by Nir Shoshani, purchased the property at a live bankruptcy auction on October 8 at the law offices of Salazar Jackson. Firm Co-Founder Linda Worton Jackson conducted the auction, as counsel to Maria Yip, the trustee of Prema LLC, the original owner of the property.

“This sale offers a tremendous residential development opportunity for the area,” said Jackson.  “It’s exciting to be a part of the changing landscape of Miami.”

The property, located at 1631 NE Miami Place, situated just west of the Omni near Midtown, consists of a little more than an acre of land.  Shoshani intends to develop a mixed-use residential and retail project on the site. The original developers envisioned a mixed-use project called Miami Max, which never got off the ground.

Shoshani, a veteran real estate investor and developer, is partnering with Paul Murphy of Charleville Development Corporation.  Murphy will serve as the project’s general contractor.

Lenders were trying to foreclose on the property, but Prema filed for Chapter 7 bankruptcy in July to prevent a fire sale.

 

 

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Industry News, Miami-Dade County Multifamily, Miami-Dade County Retail, Multifamily, NA, Retail
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