The Miami real estate property located behind the landmark Freedom Tower, where developer Pedro Martin proposed building downtown Miami condos, has been purchased by a Hollywood investment group.
The nearly 1-acre site is owned by 600 Biscayne LLC which sits at the same address on Biscayne Boulevard, across the street from the American Airlines Arena. Martin, CEO of Terra Group, received city approval to build downtown Miami condos at the 63 story Freedom Square building. The proposal was controversial in some groups because the Miami real estate condo tower would rise behind the 15 story Freedom Tower, which was an entryway to the U.S. for thousands of Cuban immigrants.
Martin later donated the historic building to Miami Dade College but construction never took place. By the time Martin was ready, the downtown Miami condo market was overbuilt.
In 2005, with Martin as a guarantor, the property was secured by a $26 million mortgage.
In December 2008, lender iStar agreed to extend the loan to October 1, 2010 after sending 600 Biscayne and Martin a letter telling them they were in default. No extension of the loan was ever filed with county records and Martin declined to comment.
iStar sold the 600 Biscayne mortgage to Hollywood-based FT Land, which is managed by Inge Frohlich, on September 28. A Miami real estate expert said the site is worth today about $6 million. Another expert said the site creates many challenges for development, including the preservation of the Freedom Tower and the FEC railway that runs through the property. He also said there are several other potential development sites nearby that are more attractive.
Call MLR Realty at: 1-305-673-3303 to speak with a Miami real estate agent that specializes in downtown Miami condos for sale or for lease.
Contributed by MLR Realty
