Prime Miami Beach Development Site Sells for $18 Million
A prime development site located at 71st Street & Collins Avenue in Miami Beach, FL, has been sold for $18 million.
In a significant deal for the Miami Beach real estate market, a prime development site has been sold for $18 million. The property, located at 71st Street & Collins Avenue, offers a unique opportunity for developers to create a high-end residential or mixed-use project in one of the most sought-after locations in Miami Beach.
The 10,100 square foot site was sold at a price of $1,782 per square foot, reflecting the high demand and value of development opportunities in the area. The sale was facilitated by Beachfront Realty, a leading real estate agency in Miami Beach.
The buyer, whose identity has not been disclosed, recognized the potential of the site and seized the opportunity to acquire a prime piece of Miami Beach real estate. With its proximity to the beach, luxury hotels, and upscale shopping and dining options, the site is well-positioned to attract high-end buyers and investors.
The seller, represented by Beachfront Realty, was able to capitalize on the strong demand for development sites in Miami Beach. The $18 million sale price represents a significant return on investment for the seller, who likely acquired the property at a much lower price.
The sale of this development site highlights the continued growth and attractiveness of the Miami Beach real estate market. Despite the challenges posed by the COVID-19 pandemic, investors and developers are still eager to invest in prime locations that offer the potential for high returns.
The brokers involved in this deal played a crucial role in facilitating the transaction. Beachfront Realty, with its extensive knowledge of the Miami Beach market, was able to effectively market the property and attract qualified buyers. The agency’s expertise in negotiating deals and navigating the complexities of real estate transactions ensured a smooth and successful sale.
Overall, the sale of this prime development site in Miami Beach demonstrates the resilience and strength of the real estate market in the face of adversity. As the market continues to recover from the impact of the pandemic, we can expect to see more high-value deals and exciting development projects in Miami Beach and other desirable locations.