Macklowe Closes on $32M Land Buy at Dadeland
By Jeff Ostrowski April 21, 2022 5:15 pm
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In its first foray into South Florida, Manhattan-based Macklowe Properties plans to develop 650 rental apartments in the Dadeland area of Miami-Dade County.
Macklowe paid $31.9 million for a 1.64-acre vacant parcel between Dadeland Mall and the Metrorail tracks. The sellers, Rilea Group and Euroamerican Group, had spent three years winning entitlements for the site, said Charles Penan, an executive vice president at Aztec Group who represented the sellers.
Macklowe Properties’ plans include two 25-story buildings with 614 parking spaces, more than 11,000 square feet of retail and nearly 28,000 square feet devoted to amenities such as a fitness center, a party room and lounges. The plans first emerged in February. The developer closed on the parcel purchase this week.
“It’s going to be transformative for the market,” Penan told Commercial Observer.
The property is located at Southwest 70th Avenue and Southwest 85th Street. The apartments would range from 450 to 1,350 square feet, with an average size of 834 square feet, according to Macklowe Properties’ project application with the county. Miami-based Arquitectonica is designing the project.
Macklowe Properties was founded by Harry Macklowe, a prominent New York developer. Among his projects, Macklowe built the nearly 70-story Metropolitan Tower condominium at 146 West 57th Street in the mid-1980s. In 2006, Macklowe persuaded Steve Jobs to open an Apple store in a plaza at the base of Macklowe’s General Motors Building at 767 Fifth Avenue. Macklowe Is also the force behind 432 Park Avenue, one of the supertall condo buildings along Manhattan’s Billionaires’ Row.
Macklowe Properties couldn’t be reached for comment. The company’s current projects include two New York City towers and renovations to the One Wall Street office tower.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
