The assembly – consisting of three parcels located at 1120, 1130 and 1136 SW 3rd Avenue in Miami – were purchased for a total acquisition price of $8,500,000.
The 17,500-square-foot site will be developed into a high-end boutique condominium.
The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 square feet of retail.
The project will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
Designed to provide a single-family home experience, the residences range from 3,300 to nearly 13,000 square feet and offer in-unit elevator access and a private parking garage with each unit.
The project is being designed by renowned architect Kobi Karp and will consist of 30 stories.
The property consists of six parcels with T6-36A-L zoning, which allows for the highest density and greatest variety of uses within Miami’s urban core, including 382,020 buildable square feet and a maximum height of 36 stories.
The parcels total ±19.4 acres.
Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, and Vice President Hugo Hernandez of Berkadia Miami arranged the financing on behalf of Rental Asset Management, a property management company based in Oakland Park, which acquired the property for $31.1 million.
The project will feature 304 apartments, more than 18,000 square feet of retail, and 63,000 square feet of office space.
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