Property Markets Group, a developer led by Kevin Maloney and Ryan Shear, have closed on the purchase of the church at 400 Biscayne Boulevard for $55 million from the First United Methodist Church of Miami. The new project, which will be placed in PMG’s X Social Communities portfolio, will feature 20,000 square feet of commercial space along with 690 housing units. The 1.15-acre site is approved for 1.8 million sqf of development. The terms of the acquisition allow the church to continue operating until the developers are ready to move forward with their plans.
PMG will complete the scheme with its joint venture partner Greybrook Realty. Upon construction of the new development, PMG and Greybrook have agreed to build a new church with its own separate entrance in a collaborative effort between PMG and the seller, FUMC Church. “This is our third investment in the Biscayne corridor, increasing our ability to create innovative living experiences for residents,” adds Ryan Shear, Principal of PMG. “We feel that this market is one of the most important areas of Miami from a future growth perspective, general location and view standpoint.”
