Santa Monica, California-based Pacific Star Capital has acquired City National Bank’s North Beach branch building and surrounding land in a $24.6 million deal. Located at 300 71st Street and 6988 Abbott Avenue, the two acre site spans 2 blocks and 300 feet of frontage on 71st Street. The purchase includes an 82,000 sqf office building, a two-story bank branch with a drive-thru and parking lots. The site has been approved for a 165,084 residential project with 236 units or a retail or hotel project. In October, the Miami Beach commission approved a master plan for the neighborhood, which includes creating a town center along 71st Street, creating historic and conservation districts, adding parks and upgrading construction to withstand the challenges of sea-level rise.
