Once a downtrodden and undervalued neighborhood, this pocket just north of downtown Miami is undergoing a quiet transformation. A similar makeover that a decade ago began to convert the nearby Design District into a luxurious shopping destination, is now taking shape in Edgewater.
A Long Island investor has paid $9.1 million for 1.44 acres ripe for residential development in Miami's Edgewater neighborhood.
Great Neck, New York-based 345 NE 32nd SN LLC acquired the former site of the Park Lane Towers project, according to Miami-Dade County records. The buyer is managed by Nader Damaghi, according to state corporate records. He is chairman of the family-owned First Quality Enterprises Inc., which manufactures feminine hygiene, baby diapers and adult incontinence products.
The transaction closed Oct. 8. The county recorded it last Thursday. No financing was recorded.
Miami-based Park Lane Towers LLC is the seller. It paid $8.2 million in June 2004 for the land.
At about $146 per square foot, Damaghi's company paid substantially less than other Edgewater investors, but the Park Lane property has no Biscayne Bay frontage.
In April, Miami-based AXA Strategic Management One LLC paid $230 per square foot for the Midtown Bay site at 545 NE 32nd St. In March, Eastview Realty Advisors LLC paid $243 per square foot for a site along Northeast 29th Terrace and Biscayne Bay.