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BISNOW: After Pushback, Miami-Dade To Pay $23M Less For New Government Center

Miami-Dade County is making a second attempt to buy a 625K SF office building, slashing its bid by $23M after its first offer faced scrutiny. 

County Commissioners are scheduled to vote June 4 to approve the $182M purchase of the office building at 9250 W. Flagler St., where Miami-Dade Mayor Daniella Levine Cava hopes to consolidate several government offices. The commission had previously deferred a December vote to pay $205M for the property after the price was met with skepticism inside and out of City Hall. 

The initial purchase price faced questions because two independent appraisals conducted as part of due diligence had valued the property at $188M and $194M as a single-tenant office or as little as $104M and $116M as a building with multiple businesses. 

The new price tag offered by the mayor’s office comes in under those appraisals, and the mayor is also seeking $1M to pay closing costs and up to $73M to renovate the property and build a vertical parking garage. 

“This acquisition represents an excellent value proposition and offers a unique opportunity to acquire property in an extremely competitive real estate market,” Carladenise Edwards, the county’s chief administrative officer, wrote in a memo recommending that the commission approve the purchase.  

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