Built 12 years ago for $34.5 million by John B. Cruz Development Corp., the 686,000-sf tower also offers 9,000-sf of ground-level retail space that goes for $12 to $15 per-sf. Currently, Park Place is 98 % occupied. The land on which the apartment sits was not part of the transaction as Park Place Associates--which owned the building at one time--snapped it up for $2.2 million from the Southeast Overtown/Park West Community Redevelopment Agency. That purchase was considered a steal of a deal for the seller, as the land had a maximum appraised value of only $880,000.
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