MIAMI—As developers continue rushing for land in prime Miami areas, one beachfront site has traded hands for $11.25 million. The 1.1-acre waterfront development site is approved for an 80-unit, 14-story residential building with 18 boat slips.

The Boca Raton office of Atlanta-headquartered ARA represented the seller, Miami-based Windsor Capital in the transaction. A private real estate investment group grabbed the land.

“There are very limited opportunities for development on Miami Beach,” says Troy Ballard, lead ARA advisor on the transaction. “Canyon Ranch, in particular, adds tremendous cache to the area.”

Located at 6800 Indian Creek Drive in Miami Beach, the site offers unobstructed views of Biscayne Bay and the Miami skyline and is within walking distance to the beach. According to ARA, it's one of the only waterfront residential development opportunities remaining in Miami Beach.

“In addition, the site boasts the ability to reconstruct dock space for 18 boat slips,” Ballard says. “New marina approvals are extremely challenging. This makes boat slips a rare commodity.”

The site boasts a WalkScore of 83, which means it's very walkable. Several restaurants and a grocery store within walking distance. The trendy South Beach and Lincoln Road Mall entertainment and retail shopping districts are minutes south of the site by car. The Bal Harbour Shops are only two and one quarter miles to the north.

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