Miami Beach is officially sold out of vacant oceanfront real estate.
The hotel developer Urbanica Management has paid $40 million, or roughly $1,000 per square foot, for a 0.98-acre lot at 6747 Collins Avenue. The brokerage firm APEX Capital Realty represented the buyer. The sale closed on Tuesday.
The property was the last undeveloped beachfront lot in Miami Beach, according to city officials. It sits between the Deauville Beach Resort and Sterling Condominium buildings on Collins Avenue.
The seller was China Construction Company (CCC), which had bought the land in 2015 for $38.5 million.
The off-market transaction came about after Stefano Santoro, senior investment advisor at APEX, kept approaching CCC about the property even though it was not listed for sale.
“CCC finally said ‘If you bring us a builder who’s worthwhile, maybe we’ll entertain a sale,’” Santoro said.
That opened the door for Urbanica, which has been aggressively expanding throughout the Beach. The company currently operates two boutique hotels in Miami Beach, the 71-room The Meridian Hotel at 418 Meridian Avenue and the 26-room The Kaskades Hotel at 300 17th Street.
The company has two other hotels under construction: The 50-room The Fifth Hotel at 803 Fifth Street, due to open in 2020, and the 30-room The Euclid Hotel at 426 Euclid Avenue, due to open this year.
According to a press release, Urbanica plans to build its fifth Miami Beach hotel on the Collins Avenue property, with 200 rooms and various bars and restaurants.
Previously approved plans for the property include a 19-story, 60-condo tower and a 150-room condo hotel.
“This site is the last undeveloped oceanfront land on Miami Beach,” said Miguel Pinto, President and Managing Broker of APEX Capital Realty. “There is no other property like this now and there won’t be in the foreseeable future. We’re proud to have initiated this unexpected sale that will bring this exciting development opportunity to life and help Miami Beach to continue to flourish.”