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Grand Central Park Sold For $35 Million

Categories: Unreal Estate
Less than 10 months after it opened, Grand Central Park has now been sold to developers for $35 million.

The park, always meant to be temporary, is on the former site of the Miami Arena and wedged in between the future sites of two new large-scale development projects.

The four-acre site was sold from Arena Ventures LLC to Old Arena LLC, which according to the Daily Business Review is managed by Boca Raton-based Falcone Group.

The area is currently under a three-year lease for to the nonprofit Omni Parkwest Redevelopment Association Inc., which has turned the area in to the Grand Central Park. The Park's honchos appeared to have long-term goals beyond those three years for the pedestrian friendly park aimed to help reignite the surrounding area, but those seem less certain with the sale.

Straub purchased the Miami Arena in 2004 for $28.1 million with plans to update it, but the old pink elephant sustained damage in Hurricane Wilma, and it was demolished in 2008. A last minute, yet seemingly sound pitch to use the land as the site of the new Marlin Stadium never came to fruition.

The park is next to the future home of the Florida East Coast Railway station, and Curbed Miami points out that the Miami World Center is still a possibility for the area.

Curbed also adds that the land is zoned for up to 1,400 condos.

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19 comments
1234
1234

Didn't the CRA dump like $1M into that project?

Bruce Wayne Stanley
Bruce Wayne Stanley

Well let's see, there's 18.5 million vacant homes in the US, and 3.5 million homeless. Yup! I'd say that sounds like a demand for more condos all right.

Hugo Oropeza
Hugo Oropeza

Miami needs housing that reflects its median income, not more condos for a foreign elite looking for an offshore investment in real estate.

Park
Park

Grand Central Park is a very cool space.  Congrats to Brad Knoefler and his team for coming up with the concept and then getting the park built.

Howard Green Montaque
Howard Green Montaque

SERIOUSLY behind in a world class skatepark. Even Naples has a better skatepark than Miami...

Jose-Ricardo Ortiz
Jose-Ricardo Ortiz

Actually, Miami DOES need more condos. Especially Downtown which is lagging behind Brickell in residence.

Ked Killjoy
Ked Killjoy

they dont know what to do with it. theyve redesigned that park at 3 times already.

Sonny Palta
Sonny Palta

Richard has it right...give the Canes a HOME!!!!

John Sasso
John Sasso

mix in a f*cking townhouse Miami WTF?!?!?

Mercedes Isla Lebrón
Mercedes Isla Lebrón

What Miami needs, Miami cannot have (at least for the time being) ....Awesome public transportation, bike lines gallore, implementation of traffic laws...and so on....I wonder why that park did not become a community garden....

Jose Antonio Navarro
Jose Antonio Navarro

from the grandcentralpark.org website: Park Rules: No Violence No Weapons No Drugs No Alcohol No Panhandling If you have to post rules like that for a park, maybe condos aren't such a bad idea lol

Lissette Miller
Lissette Miller

Miami is being left behind, but with such a transient, uninformed population, que se puede esperar?

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