Two Empty South Beach Lots Trade For More Than $600 PSF

A two-lot parcel of empty land in South Beach sold for $8.25 million on Wednesday.
That’s $634.62 per square foot for the .29 acre property, which lies two blocks from the iconic Miami restaurant Joe’s Stone Crab.
 

“I had always intended to develop this extraordinary parcel, but given the level of interest in the property I felt the time was ripe to sell,” said owner Edie Laquer, a Miami realtor, in a statement.

Peter Andolina, Executive Director, Metro 1 Land & Development, the site’s listing agent, said the property would be ideal for a luxury condominium or hotel.
The two empty lots have addresses of 245 Washington Ave. and 251 Washington Ave.
The buyers are KOAR Institutional Advisors, a real estate firm that mainly does business in California, and Green Card Fund, an Arizona-based company that specializes in EB-5 investments for foreigners looking to acquire a visa, according to the companies’ respective websites.
 
Source:  Miami Herald

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