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Wharton Equity Partners Acquires Key Development Site
By Jon Jordan
Miami —Wharton Equity Partners of New York City, through its Wharton Urban platform, reports it has taken title to one of the largest remaining undeveloped parcels of land in the Miami CBD, a full city block comprised of approximately 2.2 acres.
The firm states that the property was acquired through a deed in lieu of foreclosure on a note that Wharton Equity purchased from IberiaBank earlier this year. The note was acquired with an institutional partner in an “all cash” transaction that closed in under 30 days from contract signing. No financial terms of the transaction were released.
The partnership has begun evaluating options for the “Burdines Site” property, including development, joint venture and/or sale. The property was approved for a 2.2-million-square-foot mixed-use project designed by Pei Partners (IM Pei) and Miami-based Oppenheim Architecture+Design. The prior approval included residential, hotel, retail and office components as part of the project, company officials state.
The property is within a few blocks of a number of high-profile projects that are under construction including Met 3, a mixed-use project consisting of a new Whole Foods Market at street level with 462 high end residential units, and Brickell CityCentre, a nearly 4-million-square foot mixed-use project located in Mary Brickell Village.
“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,” states Peter C. Lewis, chairman of Wharton Equity Partners.
David E. Eisenberg, CEO of Wharton Equity Partners adds, “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.”