"Miami-Dade County officials, suddenly panicked about the effect on the local economy, are trying to stop them. The parcel is the last sliver of land available for high-end residential development on the posh island, which was recently named the most expensive ZIP code in the US. But it also houses a 700,000-barrel fuel depot that's crucial for Miami's port, the world's largest hub for passenger cruises and a bustling cargo facility."
"County officials, under fire for failing to head off a real estate deal involving critical infrastructure, are rushing to find a solution and in some cases calling for legal action to force a sale of the land to the government. But the developers are plowing ahead even as mediation talks are ongoing: They shared plans with Bloomberg News to build two 13-story "ultra-luxury" condo towers."
""It's the last masterpiece to complete the island," said Jon Paul Perez, Related Group's chief executive officer. He's the oldest son of Jorge Perez, whose long career developing residential projects in Miami earned him the moniker of "condo king." Next door to the new site on Fisher Island, Related Group is completing a condo building in which it sold two penthouse units for $150 million."
Investors including billionaire Jorge Perez bought a Fisher Island parcel for $180 million and plan to replace a 700,000-barrel fuel terminal with ultra-luxury condominiums. The site is the last available high-end residential lot on the island and will require environmental cleanup. The fuel depot supports Miami's port, the world's largest passenger-cruise hub and a major cargo facility, prompting Miami-Dade officials to warn of an existential economic risk and seek legal remedies, including attempts to force a government purchase. The developers are a joint venture of Related Group, HRP Group, Raycliff Capital and GFO Investments and continue mediation while progressing plans.
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