Marcus & Millichap Brokers Sale Of Little Havana Site With Plans For Redevelopment

Marcus & Millichap announced the $4.75 million sale of a 20,504-square-foot development site located at 938-950 SW 8th Street in Miami’s Little Havana neighborhood.

The site consists of a 14,500-square-foot vacant lot and a 2,238-square-foot vacant restaurant.

“This transaction highlights the continued demand for well-located development sites in Miami,” says Eddie Toledo, first vice president. “The hotel development will add to Little Havana’s growing hospitality scene, offering visitors a new lodging option in one of the city’s most vibrant cultural districts.” 

Jonathan De La Rosa and Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, IRAS group.

The two adjacent parcels are zoned T6-8-O, allowing for up to 70 residential units or 140 hotel keys. The property is situated on SW 8th Street, a major commercial corridor in Little Havana with a traffic count exceeding 23,500 vehicles per day. It is located one mile from Brickell City Centre and within walking distance of popular destinations such as Domino Park, Café La Trova and Ball & Chain Nightclub.