Miami Beach Acre Fetches $11.3 Million

A 1.1-acre development site in Miami has traded hands for $11.3 million.
The site at 6800 Indian Creek Drive had previously gained approval for an 80-unit, 14-story residential tower with 18 proposed boat slips. In addition, the land is one of the only remaining waterfront residential development opportunities in Miami Beach. The seller was Windsor Capital. A private real estate investment group acquired the site. ARA’s Boca Raton office brokered the sale.
“There are very limited opportunities for development on Miami Beach,” says Troy Ballard, lead ARA advisor on the transaction. “Canyon Ranch, in particular, adds tremendous cache to the area. In addition, the site boasts the ability to reconstruct dock space for 18 boat slips. New marina approvals are extremely challenging. This makes boat slips a rare commodity.”
According to the South Florida Business Journal, Windsor Capital picked up the site back in late 2011 for $3.8 million from Bank of America. BofA had acquired the development site from Atlantic Sunset Bay—which had obtained approval for the 80-unit condo—after the firm foreclosed on a $6.5 million mortgage.
 
Source: Multi Housing News