CBRE Negotiates Sale of 7-Acre Miami Development Site
- Jan 23, 2015
CBRE has orchestrated the sale of a prime parcel of land in downtown Miami, reeling in $8.7 million per acre. Acting on behalf of BDB Miami L.L.C., the commercial real estate services firm sold a vacant 7.35-acre development site in the Edgewater neighborhood to a private Florida-based company for $64 million.
CBRE fielded more than a few offers for the site.
“There was strong interest in the property due to its location in one of the fastest growing corridors of Miami,” Gerard Yetming, senior vice president with CBRE’s Capital Markets team, told Commercial Property Executive, adding that investors and developers were drawn in by the scale of the site.
Located at the intersection of NE 2nd Ave. and 17th St., the property had been destined to become the home of Bayview Market. At one point, plans for the project at 1700 NE 2 Ave. entailed 580,000 square feet of retail and a small number of residential units, according to records of the Miami Downtown Development Authority, whose records also indicate that the permit for the project expired in May 2013.
The new owner has a great deal to work with; the site is zoned to accommodate up to 3 million square feet of mixed-use development, which, in addition to retail and residential space, could include hotel and office segments.
“Miami’s continued evolution as a world-class gateway city requires large scale development opportunities like this,” Yetming said. “The population growth and continued influx of global capital are driving demand for multiple real estate asset classes and the supply is best delivered in dense infill neighborhoods like Edgewater.”