Vacant lot in Miami’s Omni district hits market for $24 million

A largely vacant, 1.57 acre lot in downtown Miami’s Omni district will go on the market for $23.9 million, continuing the long barren area’s rapid pace of development.

“We see this neighborhood as a place where young professionals who are getting priced out of Brickell and Edgewater will be able to find apartments and affordable condos,” said Ryan Shaw, associate vice-president of Marcus & Millichap, a commercial real estate firm that will handle the sale.

The site may be attractive to buyers because it lies across the street from a Metromover station and is zoned for a mixed-use, 24-story development that could house more than 780 units, Shaw said. A parcel of 7.4 vacant acres in the area sold last month for $64 million.

The newly listed property, with an address at 1530 NE Miami Place, is empty except for a small singe-family home, Shaw said. It is owned by a trio of private investors.

This story was originally published February 9, 2015 at 4:37 PM with the headline "Vacant lot in Miami’s Omni district hits market for $24 million."