MIAMI—Condo developers aren’t letting up on Miami Beach opportunities. The former Golden Sands development site in Miami Beach has traded hands.
In a joint venture partnership, SMG/Shamrock and W Capital Group of Miami Beach acquired the vacant lot at 6901 Collins Avenue from a subsidiary of Lehman Brothers. CBRE represented the seller.
“The rebounding housing market combined with investors’ strong appetite for beachfront properties made this an opportune time to sell a rare site like this one,” says CBRE’s Christian Charre. “The property was widely marketed nationally and internationally, attracting investors not only from the United States but also from Europe, Latin America and Asia. There is a dearth of beachfront properties in Miami Beach, which results in a highly competitive environment among investors seeking entitled developable sites each time one comes onto the market.”
The site is about one acre of developable land on Collins Avenue with over 125 feet of ocean frontage. It sits next to the Canyon Ranch Hotel & Spa.
The buyer plans build a boutique, luxury 20-story tower with 14 exclusive residences on the site. Each residence will span about 4,500 square feet and occupy its own private floor. The penthouse residence will be 7,000 square feet and occupy the top two floors of the tower. All residences will offer oceanfront and bay views. Groundbreaking is expected to occur in late 2014.
“In a region of megaprojects, the exclusivity of a boutique development situated on our pristine Miami beaches pushed the pricing in this transaction,” says CBRE’s Robert Given. “But in the world of gateway cities, this is still a very good transaction for the buyer.”
The Golden Sands development site received approval in 2005 to allow up to 40 residential units spanning 57,945 net sellable square feet, 2,887 square feet of retail and 55 parking spaces in a 20-story building. Along with Charre and Given, Paul Weimer and Natalie J. Castillo of CBRE Hotels and Gerard Yetming of CBRE Capital Markets, worked on the deal.