Waterfront condo
buildings in the Miami area are up for grabs.
In Sunny Isles Beach, the homeowners association of Kings
Point Imperial Condominium has listed the property for sale,
having hired a Colliers team led by Gerard Yetming was hired
earlier this month to broker a buyout.
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Kings Point Imperial Condominium |
Buyouts allow developers to tear down the existing property to make space for new property, but such deals remain difficult to achieve because they often require the consent of the vast majority of condo owners.
Last week, residents
of an oceanfront mobile home community rejected a $503
million offer from Delray Beach-based Kolter Group. In the
largest proposed buyout underway today, Terra has offered
$500 million to the owners of an oceanfront condominium in
Miami Beach, a deal that Yetming is also brokering — but
that has yet to close.
The Kings Point Imperial’s homeowners association hired the
Colliers team after receiving several unsolicited offers
from developers, whom Yetming declined to identify. The site
of the six-story condo is zoned for medium-high-density
residential properties, which allows 60 units per acre. A
call for an offer date is slated for next month, Yetming
said.
As for the Kim Aimee condo, the 27,355-square-foot lot is
zoned for low-density residential buildings or single-family
homes up to 50 feet high, but construction may not exceed 45
percent of the lot.