Related Group just made another expensive Miami acquisition with big development plans.
The company paid $57.3 million for 2.8 acres at 1400 Biscayne Boulevard, in front of the Adrienne Arsht Center for the Performing Arts. Related intends to build a mixed-use project with three towers totaling nearly 2 million square feet of high-end residential and retail space. A low-rise office and retail building is located on the site. Espacio USA, an arm of Spanish real estate firm Immobiliaria Espacio, sold the site to Related. The company paid about $32 million for the property in 2010. Miami-Dade County has not recorded the transaction.