Site Approved For Residential Tower and 15,000 Sq. Ft of Retail
The Related Group has purchased a 1.3-acre high-rise mixed-use development site in Miami at 1300 South Miami Avenue for $18.5 million.
HFF marketed the property at Coral Way (SW 13th Street) and South Miami Avenue on behalf of the seller, South Miami Ave, LLC. The site is approved for the development of a 556-unit residential tower plus 15,049 square feet of retail space and 38,357 square feet of office space.
The land is close to the Mary Brickell Village and Brickell Citi Centre projects as well as Interstate 95 in the Brickell financial district.
The HFF team of Executive Managing Director Manny de Zárraga and Director Jaret Turkell represented South Miami Ave, LLC, an investment group led by Miami-based Alex Vadia.
The Related Group, a privately held company, has built and managed more than 80,000 condominium and apartment residences in major markets throughout Florida since 1979.
HFF’s Florida multi-housing and land group has closed more than $825 million of multi-housing transactions over the last year.
Please see CoStar COMPs #2587333 for more information on this transaction.