Miami, FL - Land Tracts Being Sold

Miami, FL - Developer Leviev Boymelgreen, one of the biggest private landowners in Miami, is shedding what amounts to almost half of its South Florida landholdings. In a proposed sale of about 7 acres of downtown Miami land for $89 million was announced. 

The deal raises new questions about the plans of a company that made a splashy entrance into Miami and Miami Beach two years ago, but has struggled to get its projects off the ground since. The company has been beset by construction delays, management turnover and a constant reshuffling of brokerage companies that sell its condo units.

The deal is also a sign of a large landowner cutting down on risk at a time when the market appears to be softening.