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GlobeSt.com UPDATE: Settlement Near on Equity One Site

MIAMI BEACH, FL-The city is negotiating purchase terms with the real estate investment trust on a 28,780-sf office building that is mired in a public-takings action.

By David R. Corder | Updated on October 23, 2001

MIAMI BEACH, FL-The city is negotiating with an affiliate of Equity One Inc. to buy a 28,780-sf office building mired in a public-takings action.

Last year, Gazit (Meridian) Inc., an affiliate of the North Miami Beach-based shopping center REIT, sued the city, alleging it devalued the site’s property value by enacting prohibitive land-use ordinances. The class B, mixed-use office-retail property, built in 1950, has 11 tenants at 1701 Meridian Ave.

The company has assembled four separate parcels, including the office building, with the intent of redeveloping to the 1.2-acre site. It is fairly certain, however, the REIT and its affiliate will be asking substantially more than the $970,000 it paid in 1992 to acquire the building that is adjacent to the Miami Beach City Hall and not far from the Miami Beach Convention Center.

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