PMG buys motel for Echo Brickell site

From left: Avra Jain, Royal Motel and Echo Brickell

Property Markets Group bought the Royal Motel from developer Avra Jain in order to add to the Echo Brickell site, one of PMG’s high-end condo projects in the works.

The motel at 7411 Biscayne Boulevard in Miami changed hands for $1.2 million earlier this month. It will give PMG an extra 142,868 square feet in development rights.

Jain bought it in May for $1.5 million. Echo Brickell is a 60-story, 185-unit building at 1451 Brickell Avenue. [exMiami] — Mark Maurer

via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/tqhV5DlyuUo/