Miami Development Site Trades for $1.7M in Little Havana

Miguel Petter acquires a development site in Little Havana for $1.7M from Justo Vazquez.

By on Apr 12, 2022
Share this with your social community
Miami Development Site Trades for $1.7M in Little Havana

Miami’s Little Havana neighborhood continues to attract real estate investors and developers, with a recent transaction involving a development site at 1505 W Flagler St. The property, spanning 13,995 square feet, was sold for 1.7M, with a price per buildable square foot of 123. The buyer, Miguel Petter, is a Miami-based developer with a track record of successful projects in the area. The seller, Justo Vazquez, is a local investor who had owned the property for several years.

The deal was brokered by William Colas of Kerdyk Real Estate and Osmany Mondaca of NXT LVL Realty. Colas, also known as the ‘Real Estate Fisherman’, has been active in the Miami market for over a decade and specializes in commercial real estate transactions. Mondaca, a rising star in the industry, has quickly established himself as a go-to broker for development sites and investment properties in the city.

The property is located in the heart of Little Havana, a vibrant and culturally rich neighborhood known for its historic architecture, street art, and culinary scene. The site is zoned T6-8, which allows for a wide range of uses, including mixed-use developments, multifamily buildings, and commercial projects. With its prime location and favorable zoning, the property is well-positioned for future development.

The sale of the development site is the latest in a series of transactions in Little Havana, which has seen a surge of interest from investors and developers in recent years. The neighborhood’s proximity to downtown Miami, Brickell, and other key areas, as well as its unique character and charm, make it an attractive destination for both locals and visitors. As the city continues to grow and evolve, Little Havana is poised to play an increasingly important role in Miami’s real estate landscape.