One-Acre Brickell Site Fetches $400 PSF

A one-acre property just blocks away from the rapidly rising Brickell City Centre project has sold for $16 million, or $400 per square foot.
 

“It’s a very interesting property because of how central it is,” said Octavio Rinaldi, co-owner of CWV Realty Group, which brokered the sale. “It’s a corner lot and there is a lot of value in the land. They can build at least 24 stories of hotel, condo and retail properties with city approval.”

Brickell is experiencing a real estate boom with construction happening around the neighborhood, including at Brickell City Centre, a $1 billion development that will feature condominium, hotel, office and retail space.
The area’s center-of-gravity is shifting west away from the water as more new housing and retail complexes spring up around the financial district, said Peter Mekras, a senior vice-president at the Coral Gables-based commercial real estate firm CREC. The $16 million deal reflects that shift, said Mekras, who was not involved in the sale.
 

“15 years ago this would have been off-the-beaten-path,” Mekras said. “Now it’s incredible real estate.”

The buyers are Millennium Developments of Brickell LLC.
The parcel — comprised of two lots with addresses at 190 SW 8th Street, 195 SW 9th Street and 161 SW 9th Street — is zoned for mixed-use development. It is currently occupied by a gas station and two small apartment buildings.
The two lots had previously sold for a combined $4.6 million in separate deals that closed in 2004 and 2005.
 
Source:  Miami Herald
 

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