NEW PROJECT ON THE BAY.
The Related Group is arranging to construct 250-unit condominium tower on Biscayne Bay, at the site of the still and quiet Onyx 2 on the Bay.
The Miami-based Related Group won a $15.3 million foreclosure enactment attached to the property in October.
In 2008, an affiliate of BNP Paribas filed a foreclosure lawsuit against O2 LLC and guarantor BAP Development over a $9.1 million mortgage. Related Groups’s PRH NE 28th Street LLC obtained the mortgage in June.
The property, located at the address Northeast 28th Street and Biscayne Bay, will include units ranging from 1,200-square-foot unit, priced at $350 a square foot, which is the average size unit in downtown Miami. (That works out to a per-unit price of $420,000.)
This new tower would be positioned in Miami's Edgewater neighborhood, just north of the Adrienne Arsht Center of the Performing Arts.
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