Tuesday, April 29, 2014

Next Piece of Miami River Village Sold for $33.1 Million


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

The team represented the seller, Riverfront Parcel 5 LLLP and Riverfront Parcel 6 LLLP, both controlled by Integra Investments, on the sale of two sites totaling 2.97 acres located within the Miami River Village community.

The land sold for $256 per square foot, or $33.1 million, in a very competitive bidding process.

Alex Morcate
The buyers, MRP Parcel 5, LLC and MRP Parcel 6, LLC, both controlled by KAR Properties, are now well on their way toward completing their vision for Miami River Village, the CBD's only gated waterfront community, by acquiring all of the remaining vacant parcels therein.

The three sites now owned by KAR, including their first acquisition of the 1.79-acre CIMA site last year, are approved in perpetuity for 1,426 units in three high-rise towers.

KAR's first tower will be an ultra-luxury 800 foot tall condominium on the water, for which they have hired a world renowned architect to be named shortly.

Jeff Resnick
This is the Colliers team's 13th 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 has another large multifamily site in the Brickell market currently under agreement and a smaller mid-rise site they will be bringing to market shortly.

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

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

No comments:

Post a Comment