MIAMI—There's been plenty of talk about the land rush in South Florida lately. The latest example is The Related Group's move to snap up a 4.5-acre development site along Biscayne Bay in Miami.
HFF marketed the property exclusively on behalf of the seller, Equity Residential. Related Group purchased the site for $29 million.
The HFF investment sales team representing the seller was led by executive managing director Manuel de Zárraga and director Jaret Turkell. Real estate analysts Scott Wadler and Maurice Habif supported the brokers.
“Waterfront sites in the Edgewater submarket have seen impressive price appreciation over the last 12 to 24 months,” Turkell tells GlobeSt.com. “The submarket has rapidly become a chic place to live and boasts close proximity to Midtown and the Design District.”
The property is located between Northeast 31st and Northeast 32nd Street in the Biscayne Corridor close to the American Airlines Center, Arsht Center, and Downtown Miami. The 3.1-acre south parcel abuts Biscayne Bay with 180 linear feet of water frontage. The north parcel has 1.4 acres and can be developed with a maximum of 219 residential units. Once developed, the units will feature direct views of Biscayne Bay, Miami Beach, Downtown Miami and Brickell, and the Atlantic Ocean.
HFF's Florida multi-housing and land group has closed more than $780 million of multi-housing transactions in 2012. Cushman & Wakefield is also seeing plenty of land grabs. Click here for a story about the land rush fever CushWake is reporting.
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