MIAMI—One of the last remaining prime development sites in Downtown Miami has traded hands. The two-acre site sits at 300-330 Biscayne Boulevard.

HFF represented the seller, a trust established for the benefit of CDR Creances S.A.S.  Property Markets Group (PMG) purchased the asset for $80 million.

Known as the Empire World Towers site, the lot spans about 2.04 acres and is approved for the development of two 93-story towers with 1,557 residential units. If developed to those specs, it would make the tower the tallest structure south of Manhattan on the East Coast of the United States. 

“This transaction is highly significant in that it will ultimately reshape the Miami skyline,” says HFF managing director Jaret Turkell. “The zoning allows a highly intense development with virtually limitless possibilities.”

What's more, the finished mixed-use towers are approved for 24,741 square feet of retail space and 3,317 square feet of office space. Located directly across from Bayfront Park, the development site has permanently-preserved bay and ocean views. The site is within walking distance of the American Airlines Arena, Miami Dade College, Bayside Marketplace and the to-be-built 765,000-square-foot Miami World Center Mall.

The HFF investment sales team representing the seller included Turkell, senior managing director Hermen Rodriguez, executive managing director Manuel de Zárraga and associate director Scott Wadler. Marcos Daniel Jiménez and Gregg Fierman of McDermott, Will & Emery represented CDR in the sale and related ligation. Luis Flores and Rebecca Sarelson of Arnstein & Lehr LLP, represented the buyer.

As for PMG, under Kevin Mahoney's leadership the New York City-based real estate acquisition and development firm has been transforming underutilized assets for over 20 years. The firm has bought over 150 real estate assets, including over 80 buildings in Manhattan over the past two decades. About five years ago, the company started putting a heavier emphasis on developing new construction condominiums in New York City, Florida, South Carolina, Illinois, the Caribbean, and elsewhere. PMG could not immediately be reached for comment.

In partnership with S2 Development, PMG is currently developing Muse in Sunny Isles, FL. Development of the high-end property is scheduled for the first quarter of 2015 with a projected completion date of summer 2017. PMG is also developing Echo Brickell, a 57-story luxury residential condo development in the heart of Downtown Miami's Brickell Financial District. Echo Brickell is currently over 80% presold, and groundbreaking will begin immediately with delivery set for 2017.