A two-lot parcel of empty land in South Beach sold for $8.25 million on Wednesday.
That’s $634.62 per square foot for the .29 acre property, which lies two blocks from the iconic Miami restaurant Joe’s Stone Crab.
“I had always intended to develop this extraordinary parcel, but given the level of interest in the property I felt the time was ripe to sell,” said owner Edie Laquer, a Miami realtor, in a statement.
Peter Andolina, the site’s listing agent, said the property would be ideal for a luxury condominium or hotel.
The two empty lots have addresses of 245 Washington Ave. and 251 Washington Ave.
The buyer is Adam Hyatt, who said he plans to build a luxury boutique hotel on the site.
This post has been updated to correct the name of the buyer.