Colliers Facilitates Sale Of 0.69-Acre Development Site For $6M

As transit-oriented development sites attract investors and developers drawn by the allure of properties offering unparalleled connectivity and development incentives, Colliers closed on the sale of 1300 Coral Way, a 30,163-square-foot development site.

Located at 1300 Coral Way, 1312 Coral Way, and 2240 SW 13th Avenue, the site is situated at the intersection of Coral Way and 13th Avenue, connecting Coral Gables and Brickell. Colliers Vice Presidents Virgilio Fernandez and Pablo Camposano represented the seller, 1300 Coral Brickell LLC, in the transaction. The buyer, BUSLAM, represented themselves in the purchase of the site.

“This transaction underscores the growing residential appeal of the Coral Way corridor, bolstered by its proximity to essential amenities and alleviated downtown traffic,” said Fernandez. “With the nearby Metrorail station providing a swift 10-minute commute to the CBD, the area’s allure is unmistakable.  Strategic positioning and potential for high-density zoning mark the property as a prime development prospect. At $88,000 per unit for an unapproved site, the deal highlights the premium buyers are willing to pay for properties in sought-after areas. The robust demand is emphasized by a competitive backup offer, highlighting the strong potential of multifamily development sites in key markets.” 

The three contiguous parcels are located just half a mile from the Vizcaya Metrorail Station and various restaurants and stores. The property features a 19,712-square-foot office building with short-term tenants providing in-place cash flow while navigating the entitlement process.

The property is zoned a combination of T6-8-O and T3-O designations, allowing for versatile residential and mixed-use development with varying density. The T6 zoning permits the development of up to 150 units per acre, while T3 provides for 18 units per acre. The maximum allowable building area on the site is approximately 100,000 square feet. The site’s proximity to the Metrorail brings notable advantages, including Transit-Oriented Development (TOD) perks and the prospect of upzoning within the Rapid Transit Zone (RTZ), enabling substantially higher density with county approval.

“This transaction stood out for its premium price per buildable unit and an exceptionally low in-place cap rate for the existing structure,” said Camposano. “Executed swiftly as a cash deal, the property, with its low occupancy, boasts zoning conducive to high-density mixed-use development. Despite its current underutilization and below-market rents, the property still achieved an in-place cap rate of approximately 1 percent.” 

The buyer, BUSLAM, is a versatile real estate organization offering development, design-build, brokerage, and asset operation services. The firm specializes in delivering comprehensive turnkey projects from conception to completion while managing all aspects of asset inventory throughout the real estate domain. The Miami Beach-based company also concentrates on environmental development and historic preservation, emerging as a leader in the industry, dedicated to providing investors with unmatched expertise and service.