Another Waterfront Piece Sold for the Development!!
2305 Northeast 123rd Street, North Miami
Billionaire real estate moguls Teddy Sagi and Jorge Pérez have selected their South Florida property to invest in: the long-shuttered White House Inn at the entrance to North Miami.
The partners plan to redevelop the 1-acre property into a luxury condo project that will cost about $85 million to build.
The $11 million sale is expected to close early next week.
A company led by Murgado Automotive Group owner Mario Murgado sold the North Miami property. Murgado was able to upzone the site in 2018 when he secured approval to build Biscayne Harbour, an 11-story, 52-unit development that was never built. Murgado’s MAR 2305 NE 123rd Street LLC paid $7.8 million for the property in 2014.
The two-story hotel was built in 1969 and includes about 50 rooms.
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