CBRE has negotiated the sale of a prime parcel of land in downtown Miami for the sum of $8.7 million an acre. The commercial real estate services firm was acting on behalf of BDB Miami LLC when the vacant 7.35 acre development site in the Edgewater neighbourhood was sold to a private Florida-based company for a total price of $64 million.
Since the land is located in one of the fastest-growing corridors of Miami, there was a lot of interest in from buyers, according to Gerard Yetming, senior vice president with CBRE’s Capital Markets team.
The site is zoned to accommodate up to three million square feet of mixed-use development. Along with retail and residential units, this could include hotel and office space.
The land had originally been earmarked as the site of a Bayview Market and, subsequently, there were plans to build a small number of housing units and 580,000 sq ft of retail space.
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