Vacant Miami River Parcel Commands $26M in Sale Arranged by Colliers
Buyer of 1001 NW 7th Street plans 688-unit multifamily project, highlighting the ongoing transformation of the neighborhood
Miami, May 11, 2018 – Amid an upswing of development an activity along the Miami River, a 6.3 acre vacant land site has sold to a South Florida-based investor and developer for $26 million. Colliers International South Florida brokers Gerard Yetming and Mika Mattingly represented seller RAD Miami and procured buyer Mast Capital in the sale of the parcel, located at 1001 NW 7th Street along the Miami River.
The transaction highlights a continued growing interest for residential development opportunities along the Miami River corridor. Located within close proximity to Downtown, Brickell and the Miami Health District, the Miami River has recently become a new frontier for urban development, with several projects proposed or under way, including a $1 billion mixed use project by the Chetrit Group and JDS Development Group, KAR Properties’ luxury condo project One River Point, and Andrew Hellinger’s mixed-use apartment and retail complex, River Landing.
"The Miami River District has always been a bustling working waterway, but the recent activity signals that the market is recognizing the potential of the Miami River and the East Little Havana neighborhood for new residential development," said Executive Vice President Gerard Yetming.
The buyer, Miami-based developer Mast Capital, has already received site plan approval on a project titled Miami River Walk that will include four buildings. The mixed-use riverfront development will have a total of 688 one-bedroom and two-bedroom units as well as 2,900 square feet of retail on the northwest side of the property.
"As our urban core continue to densify and attract dynamic round-the-clock communities, emerging neighborhoods like the Miami River District have caught the eye of value-oriented firms like Mast Capital," added Executive Vice President Mika Mattingly. "This property presents an amazing opportunity to build a sizable project and be a part of the neighborhood storyline."
The property includes more than 1,000 feet of frontage along the 5.5 mile Miami River, known as the historic "working river" with its origins including generations of trade, transportation, and commence. The site has been vacant for more than 14 years but was once home to The Miami News headquarters from 1957 through 1973 and later held the Southeast Bank building.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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