The 882,000-square-foot project will include 646 rental apartments and 2,500 square feet of ground floor retail.
The developer plans to transform the shuttered Ramada Inn into a mixed-use community with 251 rental units and 5,500 square feet of retail.
The store property has the distinct advantage of having virtually no competition within this portion of the Miami Beach.
The leases total 22,000 square feet.
The buyer plans to adapt the property into restaurant, retail and office space.
The property totals a combined 94,175 square feet.
The site is located across the street from the planned Little River Brightline train station.
The project will include a 23-story residential tower with 402 multifamily units, a 1,250-space public parking garage and approximately 170,000 square feet of neighborhood-oriented retail anchored by Target.
The master plan includes up to 1,200 market-rate residential apartments, green space for residents, an office building, and a revamped shopping center with 300,000 square feet of lifestyle-oriented retail and restaurant space.
The Miami office, focused on multifamily/mixed-use, multitenant retail, and single tenant net lease property sales, will be led by Managing Director, Kirk Felici, who has more than 20 years of commercial real estate experience.