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Midtown Equities has sold 22 acres of the Midtown Miami development.

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Midtown Opportunities has purchased a 22-acre slice of the 56-acre Midtown Miami mixed-use development.

The local representative for Midtown Opportunities is Miami developer Alex Vadia, who will operate through the entity Midtown Development. In the spring, Vadia was part of a group that paid about $15 million for a 3-acre site where the Coral Station at Brickell Way condominium was planned.

Midtown Opportunities bought 16 vacant acres on the west side of the railroad tracks, plus 6 acres on the east side of the tracks, including the Midtown Miami sales center. Midtown Equities, which developed the condominiums and the ground-floor retail known as Midtown Miami, was the seller.

Midtown Equities principal Jack Cayre told the Business Journal Wednesday that Vadia's group was a good fit because it understood the flexible vision for the site, which resists cookie-cutter development. He described the vision as "Lincoln Road meets the Meatpacking District in New York meets SoHo on steroids."

Cayre told the Business Journal that he hoped to continue playing a role in the future development of the Midtown Miami site, and characterized his relationship with Midtown Development as a partnership. Cayre did not explain the nature of the partnership, but said the transaction added equity that would help facilitate future phases.

He also said that his family's company retains ownership of the developed commercial space, including the offices, and the space leased to restaurants and other retail at the base of the residential buildings. The restaurants are a huge draw for the neighborhood, establishing Midtown Miami's identity as a hot spot for locals and a destination for tourists.

In July, Cayre told the Business Journal that he was looking for a partner to build more commercial uses, including apartments and retail on 15 acres of the property. His plan did not impact the northwest side of the property, which Developers Diversified Realty built into The Shops at Midtown Miami.

 

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