``One Miami'' to Rise in Downtown.MIAMI--(BUSINESS WIRE)--Nov. 5, 1998-- Developers Close on Purchase of Multi-Use Development Site Nine acres of prime real estate in downtown Miami Downtown Miami is the central business district of Miami-Dade County and Miami, Florida. Brickell Avenue/Biscayne Boulevard is the main north-south road in downtown, and Flagler Street is the main east-west road in the Central Business District. have been sold to Miami One Center, a limited partnership which will develop a six million-square-foot, multi-use project named "One Miami One Miami is a complex of two adjacent skyscrapers in downtown Miami, Florida named One Miami East Tower and One Miami West Tower. It consists of two towers located at the Miami River delta, where the river empties into Biscayne Bay. ." Partners Ned L. Siegel, Morris "Skip" Stoltz II, and Larry DeGeorge closed yesterday on the property, which is in the heart of Miami's downtown business district. The parcels are bounded on the south by Biscayne Boulevard Biscayne Boulevard is the name given to the stretch of U.S. Route 1 in Miami-Dade County, Florida just north of the Miami River, starting at Southeast 4th Street in the Central Business District continuing through Park West and Uptown in Downtown Miami. Way, on the east by Biscayne Bay Biscayne Bay (bĭskān`), shallow, narrow inlet of the Atlantic Ocean, c.40 mi (60 km) long, SE Fla. Famous resort areas, including Miami and Miami Beach, are on the NW and NE respectively. Tourism is the economic mainstay. , on the north by Southeast Second Street, and on the west by Southeast Second Avenue. The seller is World Financial Properties of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . First mortgage financing was provided by Ocean Bank of Miami. The total purchase price was $35 million. The development team has submitted an application with the City of Miami for a Master Use Special Permit (MUSP), which is now entering the approval process. Pursuant to the MUSP, One Miami is projected to contain 1.2 million square feet of office space and 400,000 square feet of retail. The remainder will be occupied by a 300-room hotel, a 300-unit condominium tower, a 1,200-unit apartment complex, and 7,000 parking spaces. The estimated completion date is 2004. The developers intend to announce details of their development plans for the property before the end of the year. |
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