Related, Terra in talks to buy out waterfront condo next to Mandarin Oriental site

The Pérez family’s Related Group and David Martin’s Terra are negotiating a condo buyout with owners at a waterfront building on Miami’s Brickell Key, signaling the next wave of redevelopment for the man-made island, The Real Deal has learned.  A buyout of the 134-unit building at 800 Claughton Island Drive would likely exceed $1 million per unit, with one source pegging the price closer to $1.5 million per unit, or roughly $200 million for the entire building.   The two firms have been in talks with owners at the St. Louis for months, and a deal could close next year, sources […]This article originally appeared on The Real Deal. Click here to read the full story.