Wharton Equity Partners takes control of 2.2 acre development site in downtown Miami
Wharton Equity Partners has taken title to one of the largest remaining undeveloped parcels of land in the Miami CBD, a full city block comprised of approximately 2.2 acres.
The property was acquired through a deed in lieu of foreclosure on a note that Wharton Equity purchased from IberiaBank earlier in 2013. The note was acquired with an institutional partner in an all cash transaction that closed in under 30 days from contract signing.
The partnership has begun evaluating options for the property including development, joint venture and/or sale.
Known as the "Burdines Site," the property was approved for a 2.2 million square foot mixed-use project designed by architect/design firm Pei Partners (IM Pei) and Miami based firm Oppenheim Architecture+Design. The prior approval included residential, hotel, retail and office components as part of the project. The property will provide views of Biscayne Bay, the Brickell Avenue corridor and the Miami River.
"We are a great believer in the long term prospects of South Florida, and in particular Miami, and expect to acquire other major assets in the market in the coming months," says Peter C Lewis, chairman of Wharton Equity Partners.
David E Eisenberg, chief executive of Wharton Equity Partners, says: "We viewed the note purchase as a unique opportunity to control one of the most significant undeveloped properties in downtown Miami at a time when demand for land is rising and remaining land is scarce. The Miami market has rebounded extremely quickly and is developing as a gateway city with extensive, enduring international allure."