The 2.2-acre property was acquired through a deed of lieu of foreclosure on a note that Wharton Equity purchased from IberiaBank earlier this year. The note was obtained with an institutional partner in an “all cash” transaction that closed in under 30 days from contract signing.
The partnership has begun evaluating options for the property including development, joint venture and/or sale.
“We viewed the note purchase as a unique opportunity to control one of the most significant undeveloped properties in downtown Miami at a time when demand for land is rising and remaining land is scarce,” said David Eisenberg, CEO of New York-based Wharton Equity Partners. “The Miami market has rebounded extremely quickly and is developing as a gateway city with extensive, enduring international allure.”
Known as the “Burdiness Site,” the property was approved for a 2.2 million square-foot mixed-use project designed by the architectural firm Pei Partners and Oppenheim Architecture+Design. The prior approval included residential, hotel, retail and office components as part of the project.
“We are a great believer in the long term prospects of South Florida, and in particular Miami, and expect to acquire other major assets in the market in the coming months,” said Peter Lewis, chairman of Wharton Equity Partners.