Argent Pays $100M for Biscayne Boulevard Property

"We are evaluating all of our options. It's a fantastic site," Mark Teitelbaum, Argent's COO, tells GlobeSt.com. He says plans should be finalized within the next three to six months. The land is between 15th Street and N. 17th Terrace Downtown, along Biscayne Boulevard, "within walking distance of the planned arts center in an area of explosive development and a half block from the bay," Teitelbaum says. "We think this is the most unique development parcel in the US."

Asked if the plans call for demolishing existing buildings, Teitelbaum says of the hotel, "we'd like to keep it. It was renovated a few years ago and is an excellent asset." He expresses a similar sentiment regarding the Arts Institute, which he calls "a great tenant. This is a burgeoning active cultural environment with residential, work, and play development under way and growing."

Jubeen Vaghefi, managing director of the Miami office of New York-based Rockwood Realty Associates, brokered the sale.

In an earlier separate transaction, Argent also acquired a 70-year-old, two-story home at 1720 Bayshore Dr., next to the Omni property for an undisclosed price. Furthermore, this March, Pedro Martin's Terra Group, which has several major residential condominiums under development here, acquired a parcel of almost 10 acres nearby from Knight Ridder for $190 million.