David Beckham and his investors have purchased the private land needed for a new stadium in Overtown neighborhood of Miami. The purchase gives the group ownership of approximately two-thirds of the nine-acre site needed to build the stadium. 0101 Miami Properties, managed by Miami Beckham United, closed on the purchase of two properties last week for a combined $18.95 million. The sites acquired are 650 Northwest Eighth Street, totaling 4.44 acres, for $12.75 million and 600 Northwest Seventh Street, totaling 1.37 acres, for $6.2 million. The deal was financed with a one year $17.4 million mortgage provided by N&P Holdings Limited Partnership.
