07/24/14- Miami- Parking lot at 300 Biscayne Blvd was sold. (J. Albert Diaz)
A prime downtown Miami site that’s been tied up in receivership and litigation since 2008 could sell as soon as Aug. 10.
The former owners, imprisoned developers Leon Cohen Levy and Mauricio Cohen Assor, lost the property to the French bank CDR Creances, to cover unpaid loans.
The 2-acre site at 300 and 330 Biscayne Blvd. was the subject of a court-mandated marketing and bidding process earlier this month, which was conducted by brokerage firm Holliday, Fenoglio & Fowler.
A receiver’s report updating the court on marketing Monday said HFF received 15 bids on the property, starting with low-ball offers of $25 million and ranging up to $80 million. The highest offer came from PMG-CH Downtown Developers LLC, a Delaware limited liability company.
Those initials have been used in previous ventures by New York-based Property Markets Group. The company has made purchases through Florida-based subsidiaries, so the corporate structure might suggest a partnership of some kind. PMG, which is developing residential projects in Aventura, Miami’s Brickell neighborhood, Sunny Isles Beach and Hollywood Beach, declined to comment.
The court filing said the sale should be approved at a July 31 hearing before Miami-Dade Circuit Judge Lisa Walsh. PMG’s due diligence period expires Aug. 1.
HFF previously noted the site, which includes an 11-floor office building, is approved for the development of two 93-story residential towers with more than 1,500 units.
The property had been planned as the mixed-use Empire World Towers. It went into receivership after Cohen Levy and his son were convicted of tax evasion and sentenced to federal prison in 2011.