A Brazilian airline mogul is gobbling up residential land in Miami, with a recent emphasis on the emerging Edgewater neighborhood.
Miami Sunrise Properties, which has ties to 80-year-old Lider Aviacao founder Jose Afonso Assumpcao, paid $205 per square foot for a multi-property site at Biscayne Boulevard and 34th Street, Daily Business Review reported. Lider Aviacao is the largest private jet and helicopter company in Brazil. Miami Sunrise spent 2013 assembling a site west of the Brickell CityCentre development and is expected to sell the land at a significant profit.
Assumpcao’s company has no immediate plans to develop the 37,000-square-foot Edgewater site. Its purchase included approvals to build a 16-story, 127-unit residential tower on the land. [Daily Business Review] — Eric Kalis