Developer PMG, led by Kevin Maloney and Ryan Shear, is pleased to announce the acquisition of 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami, Inc (FUMC). The project is the third property that Greybrook Realty and PMG have partnered on in South Florida. 400 Biscayne will fall under PMG’s X Social Communities portfolio. Social Communities also known as “XSC” is a new multi-family housing division of PMG geared towards delivering the most fun and convenient living experience at an attainable price point. The project at 400 Biscayne Blvd. will feature approximately 20,000 square feet of commercial space as well as over 690 units overlooking Biscayne Bay in the heart of Downtown Miami. The purchase of the land allows for the church to continue operating post-closing until the developers are ready to move forward with their plans. Upon construction of the new development, PMG and Greybrook have agreed to build a new state-of-the-art church with its own separate entrance. Plans for the new church will be a collaborative effort between PMG and the seller, FUMC Church. Ryan Shear, Evan Schapiro, Matt Ellish, Yechiel Ciment led the PMG team on the closing of 400 Biscayne Blvd. with Luis Flores, Rebecca Sarelson and David Yontz of Saul Ewing Arnstein & Lehr LLP were the attorneys who represented the PMG. In addition, Josh Kaplan at Bilzin assisted with REIT compliance issues.
“This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” saidRyan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”
“We are delighted to be partnering once again with PMG. A highly regarded and forward-thinking developer, 400 Biscayne will benefit greatly from PMG’s consistent focus on delivering premium lifestyle amenities and smart-building technology to its projects,” said Peter Politis, CEO of Greybrook Realty Partners.
“FUMC wanted to rebuild the Church in the same location, so the relationship with the potential buyer was very important. They liked the young and thriving energy that PMG brings to its developments and could see themselves doing business with the developer in the short and long term,” said Luis Flores, a partner with Saul Ewing Arnstein & Lehr. “The transaction is unique because we had to wear different hats at different times since we are the buyer and builder of the future Church. Throughout the negotiations, we maintained a cooperative approach in order to create a solid foundation for a long-lasting relationship.”
Amenities for 400 Biscayne will include co-working spaces that eliminate the need for an office, oversized gyms and fitness studios with frequent group classes, communal kitchens to host potlucks and demonstrations, smart package lockers, dog runs, and bike storage facilities. 400 Biscayne will also offer retail and restaurant space that’s integrated with the resident experience. PMG is planning more than 5,000 units for the X Social Communities portfolio across the United States over the next five years. Projects in the pipeline include the 464-unit “X Miami” in Downtown Miami (previously Vice), opening in summer 2018; the 99-unit “X University Village” in Chicago, opening spring 2018; the 1,200 unit X Las Olas in Fort Lauderdale, opening early 2020, and the 220-unit “X Union Station” in Denver, opening in 2020. Several additional projects are being planned in other major markets.