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GlobeSt.Com UPDATE: City Paying $1.5 Mil for 12,500-SF Parcel

MIAMI BEACH, FL-American Riviera Real Estate settles for $120 per sf in response to an eminent domain action over the site of a proposed regional library here, five miles east of Downtown Miami.

By David R. Corder | Updated on May 31, 2001

MIAMI BEACH, FL-The dispute over the hotly contested site of a proposed world-class, regional library apparently is over. Miami Beach-based American Riviera Real Estate Co. accepted a counterproposal of $1.5 million ($120 per sf) plus $470,000 in attorney’s fees, court costs and other related expenses to end an eminent domain action over the 12,500-sf piece of property.

The Miami Beach City Commission approved the settlement offer during a special meeting Wednesday morning, deputy city attorney Robert Dixon tells GlobeSt.com. In accepting the offer, the city stopped a potentially expensive civil trial. The city sought land belonging to American Riviera and Ronald Bloomberg, the company’s president.

“The defendant (also) is voluntary dismissing, with prejudice, two other pending cases–one in front of a special zoning master and one before the circuit court,” Dixon says.

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