Thursday, December 12, 2013

High-Density Land in Miami, FL CBD Sells for $22 Million


Rendering of Brickell CityCenter site, Downtown Miami, FL

Larry Stockton
MIAMI, FL -- Colliers International South Florida is pleased to announce that Larry Stockton, Alex Morcate and Jeff Resnick have closed on another high-density land site in Miami's CBD.

Representing the seller, Brickell Main Gate LLC, on the sale of their 1.7 acre site, located between 7th and 8th Streets and I-95, the brokers were able to achieve almost $300 per square foot, or $22 million, for the land in a very competitive bidding process.

The buyer, La Chanson Overseas, though a relative newcomer to the market, distinguished itself as the right choice with impeccable credentials and aggressive terms.

Alex Morcate
Though they have not yet made public their plans for the property, likely the highest and best use of the site is residential and / or hospitality over retail.

This is the Colliers team's llth closing in Miami's CBD of high-density land, including the majority of the land assembled for Brickell CityCenter.

According to Larry Stockton, the team not only has another large site in the Brickell market under agreement currently, but also they are about to bring to market a very high profile site that is entitled for 466 units, office and ground floor retail in Miami's only gated riverfront community, and for which there is already considerable interest.

Jeff Resnick
For a complete copy of the company’s news release, please contact:

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

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