Grand Central Park Sold For $35 Million
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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