FYI Miami: January 29, 2015
FP&L SELLS RIVER LAND: Ytech International, a Miami-based development and real estate investment firm, and Carlos Mattos, an investor/developer, paid Florida Power & Light $21 million for 2.24 acres just north of the Miami River and east of Southeast Second Avenue. Asked where FP&L will re-locate its equipment on the site and how long it will take, a spokesman could not provide information Tuesday evening. The land, in Miami’s central business district, is almost a full city block with entitlements to build 2.15 million square feet, according to Colliers International spokespeople. Brokers Larry Stockton of Colliers International and Michael Fay, Jay Ziv and Xavier Cossard of Avison Young teamed up on the transaction. Mr. Stockton, who was not available Tuesday evening, said in a written release the property was essentially an off-market transaction. Colliers spokespeople report Ytech International, led by Yamal Yidios Char, has redeveloped more than 3,000 multi-family units in South Florida and currently owns a $300 million real estate portfolio in Florida and Texas; and Mr. Mattos has assembled a number of high-profile Miami properties. The two Colombian investors are partnering for the first time.
ALL ABOARD: Plans for a nearly 7-acre train station to rise downtown got final administrative approval last week. All Aboard Florida, a subsidiary of Coral Gables-based Florida East Coast Industries, plans passenger rail to link Orlando and Miami with stops in Fort Lauderdale and West Palm Beach. Downtown Miami’s stop, known as Miami Central, is to stretch along Northeast First Avenue near County Hall and is to feature a viaduct through which trains will enter the station. The county commission approved the station’s overall look months ago. But All Aboard Florida still faced administrative scrutiny from county and City of Miami staffers on details of the site plan from what materials are to be used for the viaduct to where to build an overpass connecting the station to nearby developments. On Thursday, the staff committee gave final approval to the site plan. Service linking Miami and West Palm Beach is expected to start in 2016.
BOTTOM PRICE: The City of Miami is renewing its lease of submerged lands near Monty’s, on the waterfront in Coconut Grove. The city owns the uplands at 2550 S Bayshore Drive. The state leases the submerged lands adjacent to the city-owned uplands. Commissioners authorized the city manager to renew the lease of the bottomlands for 10 years at $2,487.17 a year, subject to annual increases according to the Florida Administrative Code and a $619 state lease processing fee.