Wednesday, October 24, 2012

HFF named to market sale of two development sites on Biscayne Bay in Miami



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. 

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.

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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