Property in Miami can be of significant interest when it comes to the real estate market. Those who are involved in commercial real estate are constantly on the lookout for properties that can be developed and become profitable. Naturally, there are various issues that go along with so ambitious an endeavor. Included are developers understanding the zoning laws, having a grasp of the various needs when it comes to permits and making the required arrangements with all regulatory agencies. This is just a broad brush of what must be done with commercial properties. Details must be handled by those who have a full understanding of this area of law, particularly when it comes to big money situations.
According to a recent report, an office building in Brickell was sold in an agreement that is worth around $50 million. This location had been confronted with lawsuits in the past, but now appears to be back on track. The real estate will net $26.5 million and there will be other payments for the settlement of various debts and claims. With the zoning of the area letting developers put together a tower that will be 48 stories and have a variety of uses, it is no surprise that there was such enthusiasm for the project. Brickell has recently become popular, adding to the allure of this particular location.
The current building was constructed in 1971. Tenants include a bank, financial operations and legal firms. The company that bought it is based in Miami and works internationally. It owns properties in Florida as well as Texas. The legal issues that surrounded the property and hindered its development have reportedly been settled. These included a foreclosure, a legal filing from a separate lender, an allegation of breach of contract and a lawsuit from the son of a previous owner over mismanagement. These types of deals can be complicated, but with the amount of money at stake, they were able to come to an understanding and settle the matter.
This is an example of how the real estate market can be exceedingly lucrative and also difficult to get all the pieces in place. Because of the complex nature and the emotional and financial toll these types of developments can take, it is imperative to have the right approach.
Source: Miami Herald, “Brickell office building at heart of lawsuits sells in $50 million deal,” Nicholas Nehamas, Jan. 20, 2017