Downtown Miami continues to undergo transformation once again, and this time it’s all about the long-neglected Omni center, which has come under the wing of the developer behind the neighborhood’s last condo boom.
A group led by the infamous Related Group purchased the property for a near $100,000 million this week.
Currently holding a principal balance of $161 million, and denotes approximately 78 percent of the total senior mortgage balance of $206 million for the property that initially opened in 1977.
Tate and Related Group’s CEO Jorge Perez reported no comments on future plans for the compound, which take account of the 1.5 million square feet of office and retail space, which also includes the 525-room Hilton hotel.
The property lies just east of Biscayne Boulevard between N.E. 15TH and 17th street, a little north of the recently built Arsht Center for the Performing Arts and the MacArthur and Venetian causeways.
The center has suffered for year since its 1980’s prime as a vogue shopping, mall, with plans for condos, office, restaurants and a telecom center which all crashed to materialize over years.
We hope to soon see the Omni center shin the way it did years back, as for true Miamians that were first exposed to this haven of great shops, miraculous eateries and the it-spot to take children on the ride of their lives on the double-decker carousel, it will truly be special to once again revisit and relive the Omni center!
The Omni center, located at 1500 N Bayshore Dr. Miami, Florida 33132
[Source: Miami Herald.com]