Three-tower development site trades for $13M

The site of a proposed three-tower project in North Miami Beach has traded for $13 million.

Biscayne Cove LLC, managed by Enrique R. Puig, sold the 8,569-square-foot restaurant at 16375 Biscayne Blvd. and about 4.15 acres of surrounding land to Biscayne Park Development. The buyer is managed by Albert Benalloun and Hernan Gleizer, the heads of Transamerican Development Corp. in Miami Beach.

This North Miami Beach project is already listed on Transamerican Development’s website under the name Preserve on the Bay.

Its development proposal calls for three towers for a combined 1.5 million square feet plus a pedestrian walkway along the canal. The project would have 730 residential units in towers of 32 stories and 30 stories. The third tower would be 18 stories with 177 hotel rooms and 9,178 square feet of commercial space.

Preserve on the Bay was designed by Kobi Karp Architecture.

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