Procacci Sells Development Site Near Dolphin Mall for $38M
Procacci has owned the land since at least 2013.
Procacci has owned the land since at least 2013.
The office condos total 3,771 square feet.
Avison Young Principals Michael T. Fay, Jay Ziv, John K. Crotty, David Duckworth, and Brian C. de la Fé completed the sale.
One of the largest contiguous land sites available in South Florida, the development has a buildable program of 2,500 residential units, 240 hotel rooms, 480,000 square feet of retail space, and 650,000 square feet of office space.
The site is the largest undeveloped waterfront property in Miami’s urban core.
Amanda Montanez and Tom Capocefalo of Savills represented the buyer, BF Aerospace, in the Sunrise building transaction.
The sale closed at a record $784 per square foot.
The purchase represents the expansion of the companies’ manufacturing facility from an 18,000-square-foot location in Fort Lauderdale to more than double the space at the new site in Pompano Beach.
The parcels total ±19.4 acres.
In the less than 24 hours since Bloomberg first reported the listing, investors from the U.S., Latin America, Europe, the United Arab Emirates and Canada have already expressed interest in acquiring the site.
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