MDM Development Group closed on the old Miami Arena site for $45 million, bringing the Miami developer’s plans to redevelop the former home of the Miami Heat into a conference and exposition center one step closer to reality.
MDM acquired the 5-acre site at 700 N. Miami Ave. from Old Arena LLC, a company led by Nitin Motwani, managing principal of Miami Worldcenter Associates, the group said Monday.
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