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The ownership secured $550 million in financing to develop an additional 300,000 square feet at the iconic 463,114-sqiare-foot luxury shopping center. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, which will be Barneys' only flagship store in the southeastern United States.
Laramar Group, which has offices in Chicago and Denver, acquired the 379 units at the 432-unit condominium for $49.65 million from Aspen Square Management of West Springfield, MA.
The acquisition marks the company's fifth in the US in the past 12 months, with three sites under its belt in New York City, and a recent announcement that it had secured permits in Chicago for a 170,000-square-foot ground-up co-living project in The Chicago Loop.
The Miami firm has purchased 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables. The deal calculated out to a purchase price of $336-a-square-foot, according to Cushman & Wakefield.
The county's 62-page petition challenges the city mayor's veto of plans to substantially alter the theater on the National Register of Historic Places.
Magic City Innovation District awaits final approval from the city, while seeking commercial tenants for the neighborhood with $12 million invested in rehabbed buildings thus far.