A fully designed and approved project to be located on a piece of land at 3360 Biscayne Boulevard, has sold for $5.75 million. David C. Metalonis, CCIM, Senior Vice President – Partner, Colliers International South Florida, represented the seller, Lionheart Capital, in exiting its short term hold of the land.
Lionheart Capital secured an option on the land for $3.6M earlier this year from the former ownership group of 3340 Biscayne Boulevard. The fully designed and approved project, originally called “Boulevard,” has a MUSP extension through November 2013 and allows for a 16-story, 127 unit residential tower with ground floor retail.
Upon securing the option on the land, Lionheart Capital engaged Colliers to evaluate all options for the opportunity, including developing the project utilizing the Latin-American sales model, developing multifamily rentals, or selling the land outright.
“There was tremendous interest in all options given the strength of the residential condo and rental markets, the improved transparency of the Latin-American sales strategy, the growth that is taking place along Biscayne Boulevard, Midtown, and the Design District, and the value of having a fully approved project that was shovel ready,” says Metalonis.
Ultimately, Colliers was able to procure a $5,750,000 offer from an Argentinian-based development company to purchase the site outright. The price equated to $45,000 per unit and $155 per square foot on the land; a record setting number for the corridor.
“The deal was a win-win for both buyer and seller,” explains Metalonis. “Lionheart Capital obtained a record setting price for the property and the buyer stands to profit handsomely by executing the Latin-American sales model that has proven successful for other Miami projects such as Brickellhouse and Millencento.”
Other notable projects Lionheart Capital is currently involved with include the redevelopment of the Miami Heart Institute on Miami Beach and the Ritz Carlton Residences Singer Island in Palm Beach.
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