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HOMESTEAD, FL-Four owners have joined forces to put a 36-acre parcel at the intersection of SW 162nd Avenue and SW 288th Street, also known as Biscayne Drive, up for sale. The 20-acre Jungles Nursery is the owner of, and occupies the largest of the parcels. Of the other 16 acres, one is a tree farm, one contains a single-family home, and a third is vacant land.

“The owners have been sitting on the property for some time and recognized the value of a larger parcel in one of the fastest growing areas of Florida,” says Ronnie Issenberg, an investment sales specialist in the local office of Marcus & Millichap. “They decided to take out the equity and set up outside the urban development line, where land is much less expensive,” he tells GlobeSt.com.

Issenberg assembled the full parcel and is marketing it at an asking price of $18 million, which translates to $500,000 an acre or $11.47 per sf. “Dade County is trying to get developers here to build vertical versus urban sprawl,” he says, “and land is hard to come by in Miami-Dade County.”

The parcel runs along the region’s new high-speed, mass-transit bus route and Old Dixie Highway. It is parallel to US Hwy. 1, and the Winn-Dixie and Publix shopping centers are nearby. Demand for housing in this area “is at an all-time high,” Issenberg says, adding, “a new county high school is being built across the street.”

He estimates that the land could accommodate about 10 residential units per acre. “There’s also an opportunity for commercial development on a portion of the site,” he says. “The owners are willing to hold the land price under contract until all the necessary zoning approvals are obtained.” Interest, he says, is coming primarily from among local developers and also includes some 1031 exchange buyers.

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