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| Biscayne Bay Skyline, Miami, FL |
MIAMI, FL – HFF announced today that it has been named to
market for sale two development sites totaling 4.53 acres along Biscayne Bay in
Miami, Florida.
The
sites are located between NE 31st and NE 32nd Street in the Biscayne Corridor
close to the American Airlines Center, Arsht Center and downtown Miami.
The 3.12-acre south parcel has 180 linear feet of waterfront
along Biscayne Bay. Dorsky + Yue, a
renowned architectural firm, has completed working drawings for the
construction of a 36-story, 389-unit residential tower on 2.12 acres of the
site.
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| Manny de Zarraga |
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.
The
HFF investment sales team representing the seller is led by executive managing
director Manny de Zárraga and director Jaret Turkell, and
supported by real estate analysts Scott Wadler and Maurice Habif.
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| Jaret Turkell |
“The
Biscayne Corridor is undergoing a cultural and commercial renaissance that is
attracting the attention of retailers, developers and the artistic community
worldwide. More than $1.5 billion of
area projects have been announced over the past 24 months including Brickell
Citicentre and Design District, along with nearby residential developments such
as Icon Bay,” said de Zárraga.
“The Miami condominium market represents one of the
strongest recovery stories in the United States with average pricing now back
at the peak levels seen in 2006 and 2007,” added Turkell.
HFF’s six-member Florida multi-housing group has closed more
than $808 million of multi-housing transactions for the 12 months ending
October 24, 2012.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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