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BAP-GGM Development Closes on Land Purchase

MIAMI-The 1.5 acres here, which Edgewater Park LLC sold for $6.1 million, is for the development of a second Onyx tower to consist of 122 condominium units. The $42-million original Onyx tower, under way, will have 118 units on 28 stories.

By Melissa Bogdany | Updated on May 24, 2004

MIAMI-BAP-GGM Development has closed on its purchase of 1.5 acres in the city where the company is planning to develop the second tower in its Onyx condominium project. Edgewater Park LLC sold the property for $6.1 million, or nearly $4.1 million per acre. Pointe Bank financed the acquisition.Onyx 2, a 122-unit waterfront condo project, is being developed at Northeast 28th Street and Biscayne Bay on the former site of the historic Bliss Residence and in the city’s emerging Arts District. The project will feature 270 feet of bay frontage. Plans call for Onyx 2 to have lofts; one-, two- and three-bedroom residences; and four-bedroom penthouses. The units will be priced from the $400,000s to more than $3 million. The project’s sales center is set to open this summer, and construction is scheduled to begin in January.The first tower, Onyx, a $42-million, 28-story, 118-unit waterfront condo project, is currently under way. BAP-GGM Development is a partnership of BAP Development, led by Willy A. Bermello and Luis Ajamil, and GGM Developers, led by Gustavo Miculitzki.

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