MIAMI—Entities of KAR Properties have acquired another high-density land site in the city's central business district that will be part of its Miami River Village gated community for $33.1 million.
In a deal announced by Colliers International South Florida, KAR, in what was described as a heavily competitive bidding process, acquired the 2.97-acre parcel from Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Integra Investments. The deal was valued at $256 per square foot.
Colliers' Larry Stockton, Alex Morcate, CCIM and Jeff Resnick represented the seller in the transaction.
The three sites now owned by KAR, including its first acquisition of a 1.79-acre site last year, are approved in perpetuity for 1,426 units in three high-rise towers, according to Colliers. KAR's first tower will be an ultra-luxury 800-foot tall condominium on the Miami River shoreline.
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