The Okan Group, a Turkish development company with projects in Turkey and Kazakhstan, recently chose Miami for its first construction project in the United States. Bilzin Sumberg guided the Okan Group through the unfamiliar terrain of U.S. land use and real estate law with the land acquisition of property in downtown Miami for the development of a planned mixed-use project in a 1,000 foot tower. Attorneys from Bilzin Sumberg's Land Development & Government Relations, Real Estate, and Tax practice groups collaborated to complete the deal.
LAND DEVELOPMENT & GOVERNMENT RELATIONS
Bilzin Sumberg assisted Okan Group in the entitlement process and pre-acquisition zoning analysis of the property where the mixed-use tower is planned. The property, comprised of six separate lots, sits adjacent to the historically designated Central Baptist Church, which was retained by the seller.
Bilzin Sumberg's Real Estate team facilitated the purchase of the property. During negotiations, the team identified a discrepancy in the square footage of the property which resulted in substantial savings for the client.
The Bilzin Sumberg International Tax team advised on the acquisition, to identify the most favorable tax treatment of the client's inbound investment from Turkey.