MIAMI—Entities of KAR Properties have acquiredanother high-density land site in the city's central businessdistrict that will be part of its Miami RiverVillage gated community for $33.1 million.

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In a deal announced by Colliers International SouthFlorida, KAR, in what was described as a heavilycompetitive bidding process, acquired the 2.97-acre parcel fromRiverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, bothcontrolled by Integra Investments. The deal wasvalued at $256 per square foot.

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Colliers' Larry Stockton, AlexMorcate, CCIM and Jeff Resnickrepresented the seller in the transaction.

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The three sites now owned by KAR, including its firstacquisition of a 1.79-acre site last year, are approved inperpetuity for 1,426 units in three high-rise towers, according toColliers. KAR's first tower will be an ultra-luxury 800-foot tallcondominium on the Miami River shoreline.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.