MIAMI-Land in Midtown Miami just traded hands as the next round of development gets underway in the Magic City. Midtown Opportunities LLC, a private investment group, just acquired 22 acres in the 56-acre development of Midtown Miami from Manhattan-based Midtown Equities.

The deal includes 16 acres within Midtown Miami and the six-acre, former Chiquita Banana facility bordering the $2.3 billion mixed-use project. Miami-based developer Alex Vadia will lead the next round of development under the Midtown Development, LLC banner.

HFF executive managing director Manuel de Zarraga and director Ike Ojala represented Midtown Equities in arranging the deal. Financial terms of the deal were not disclosed.

"Midtown Miami represents an extraordinary urban mixed-use community and development opportunity unlike any other project in Florida,” de Zarraga tells GlobeSt.com. “Midtown combines lifestyle retail, world class dining and the arts, plus a home for over 2,000 residents."

Completed in 2007 by Midtown Equities, phase one of Midtown Miami offers three mixed-use residential towers, retail and office space, and more than 3,000 parking spaces. The property also offers about 1,000 residences that are more than 90% occupied.

The multiple vacant parcels in Midtown Miami are defined by Northeast 36th Street to the north, Northeast 29th Street to the south, East Coast Avenue to the east and Buena Vista Avenue to the west. The old Chiquita Banana distribution site is located on Northeast 29th Street and Northeast 2nd Avenue.

“Midtown Opportunities has been very attracted to Midtown from the onset and shares the same long-term vision for this neighborhood as we have since launching the project in 2004,” Joe Cayre, principal of New York-based Midtown Equities, said in a prepared statement. “We will remain actively involved in the project and look forward to working together on Midtown and other ventures.”

Midtown Equities will continue to own and manage the property’s existing commercial real estate component comprised of more than 110,000 square feet of retail and office space. Midtown Development is evaluating plans to develop the next phases of Midtown Miami, but no formal announcement has been made public.

“We see great value in the product Midtown Equities delivered to the market in its initial phase. Midtown has served as a catalyst for defining a new neighborhood of Miami, and we are excited to be part of this area’s ongoing transformation,” Vadia said in a statement. “The Cayres’ track record and the success of the project are key advantages as we work together to bring the master plan to fruition and continue positioning the neighborhood as a destination.”