Miami land fetches $100 million an acre
A prime waterfront site in Miami sold for $100 million an acre, a record, as a spate of high-end development transforms downtown.
07/15/2014 6:02 PM
07/16/2014 12:54 PM
A 1.25-acre site on the Miami River at Biscayne Bay changed hands for a stunning $125 million, a record high for a property of its size in South Florida, according to CBRE, the listing broker.
The buyer is Riverwalk East Developments LLC, a newly formed Florida limited liability corporation managed through several other corporate entities by German and Gloria Coto. German Coto is the son of Argentine businessman Alfredo Coto, whose family is best known for its prominent Coto supermarket chain; Gloria is Alfredo’s wife.
The buyer couldn’t immediately be reached for comment.
The seller was D&P Property Holding, a Florida corporation managed by Miami developers Ugo Colombo and Diego Lowenstein.
CBRE began marketing the property in April, and touted it in a May press release as “downtown Miami’s last vacant waterfront site.’’
The property fetched keen interest from suitors in Miami, South America, Europe, the Middle East and Asia, according to CBRE.
“We got 15 offers,” said Gerard Yetming, senior vice president of CBRE, who marketed the property. “We had a very competitive process. We had multiple rounds of bidding with five or six bidding.”
CBRE said the grassy site, next to the EPIC Residences and Hotel, “holds the potential for over 2 million square feet of gross building area with spectacular views of the bay and downtown. In addition, the property has access to the only private dock downtown capable of accommodating mega-yachts.”
Maria Alvarez, a Realtor with CWV Realty Group in Miami, who represented the buyers, said: “That land is, I think, the most unique waterfront property that whatever they build, it will be spectacular, very high end.”
Robert Given, vice chairman of CBRE, said the record price reflects downtown Miami’s emergence as a global city and destination for the wealthy, particularly as several big projects in downtown reshape the city as a live-work-play center.
He said his firm began advising the sellers last year. “Our sense of the market overall was the timing was right. There was very good development momentum in the area with amenities going in,” Given said.
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