Miami Investor Eyes 222 Mitchell
Looks like an aging downtown property could get new life as a mixed-use development. Again. Miami investor Carlos Balzola led a group of investors that purchased 222 Mitchell for $6.8M. The 400k SF office building on nearly three acres has long been the target of potential redevelopment, most recently with Orinda Capital Partners, which sold the building to Carlos' group. Carlos tells us he sees a property that could become a mix of retail and multifamily: “We haven't finalized the plans, but it will be over 200 units.”
NGKF's Eva Horton and Brown Realty Advisors' Judy MacManus brokered the sale. Carlos, who was very active in Florida's condo market in the run-up to the crash, says Downtown Atlanta affords an opportunity for multifamily, especially since “the price was right.” He cautions the group's redevelopment plans are preliminary, but with the largest demographic shift taking place in American history, he says multifamily would be a good bet.
