Harry Macklowe Sells South Florida Dev Site for a Loss
By Julia Echikson July 1, 2025 1:50 pm
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Harry Macklowe has dropped plans to develop a multifamily project in South Florida, selling a development site in suburban Miami for 37 percent less than what he paid three years ago.
Related Group purchased the 1.6-acre parcel in Dadeland, Fla., for $20 million, according to property records. The vacant land is about 10 miles southwest of Downtown Miami and sits next to the Dadeland North Metrorail station, facing Route 1, near the Dadeland Mall.
City National Bank of Florida provided a $12 million acquisition loan. Macklowe, a prominent New York developer, had purchased the site for $31.9 million in 2022, his first commercial real estate acquisition in South Florida.
The developer, who’s known for having developed the 432 Park condo skyscraper and for a messy $1 billion divorce, had filed plans to build a 25-story apartment with 650 units, 11,455 square feet of commercial space, and 614 parking spots, though construction never took place.
Still, Macklowe isn’t giving up on South Florida. He’s partnering with Related Group on North Bay Village. Just last week, the joint venture proposed building two 43-story condo high-rises after buying out the existing waterfront condo building for $47 million in 2023, the South Florida Business Journal reported.
A spokesperson for Related declined to comment, while a representative for Macklowe Properties did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
