FECI Sells Downtown Miami Sites for $51M

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Florida East Coast Industries (FECI), owner of the Brightline high-speed train line, sold parcels near the Miami Central station for $50.8 million, property records show.

The sites — at 200 NW First Avenue and 195 NW Second Street, across the street from the station, just east of the Miami-Dade County government office — total 2.6 acres.

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FECI, which railway magnate Henry Flagler founded in 1892, had proposed a two-tower complex on the parcels last year. Plans called for 2,823 residential units, 216,926 square feet of office space and 232,852 square feet of retail, according to a pre-application filed with Miami-Dade County.

But construction never got underway and the land remains vacant.

The identity of the buyer remains unclear. Moshe Oppenheim, who did not respond to a request for comment, is listed as the proprietor in state corporate records. The executive, tied to Citrus Property Management, is based in Great Neck, N.Y. FECI could not be reached for comment.

The Downtown Miami acquisition would not be the first South Florida purchase for Oppenheim. He was tied to a $20 million purchase of a 1.24-acre site at 121 East Broward Boulevard in downtown Fort Lauderdale in April.

In recent years, FECI has been offloading its real estate assets. In one of South Florida’s biggest residential deals this year, the company sold Parkline Miami, an 816-unit rental property also near the Miami Central station, for over $400 million in March. Last year, it sold parcels near Fort Lauderdale’s Brightline station for $37.2 million. 

Julia Echikson can be reached at jechikson@commercialobserver.com.