Salazar Jackson Closes $7.3M Sale Of Miami Development Site

Dec 15, 2013 No Comments by

Salazar Jackson LLP closed the sale of a real estate development site in the Arts and Theater District of Miami to NR MaxMiami LLC for $7.3 million on December 6.

NR MaxMiami, led by Nir Shoshani, won the bid at a live bankruptcy auction on October 8 at Salazar Jackson’s Miami law office. 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 deal will be a game-changer for the Arts and Theatre District of Miami,” said Jackson.  “It will change the landscape of the area.”

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. U.S. Bankruptcy Judge A. Jay Cristol approved the sale on October 9, 2013.

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