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$470M MXU Development Planned in Miami
New York-based Property Markets Group (PMG) and Toronto-based Greybrook Realty Partners acquired a 1.15-acre site at 400 Biscayne Boulevard in Miami from the First United Methodist Church of Miami, Inc. (FUMC) for $55 million. The partnership plans to develop a $470-million residential project that could rise 50 stories, and include more than 690 units and roughly 20,000 square feet of commercial space overlooking Biscayne Bay.
PMG’s Ryan Shear says, “This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents.” The project will fall under PMG’s Social Communities portfolio, which caters to modern professionals seeking a connected and convenient lifestyle at an attainable price in a downtown setting.
The church will continue operating at the site until the developers move forward. The developer will work with FUMC Church to build a new state-of-the-art church with its own separate entrance.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development

