The Real Deal Miami

Key Biscayne developer picks up site for $15M

1.4-acre site last sold for $4.75M in 2011

August 25, 2015 11:30AM
By Katherine Kallergis

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eric soulavy and Crandon Boulevard properties

Eric Soulavy and the parcels on Crandon Boulevard his company acquired last week.

A commercial development site in Key Biscayne has traded hands for $15 million, Miami-Dade County records show.

An affiliate of Key Biscayne-based Commodore Realty, led by CEO Max D. Puyanic, sold the 1.4-acre assemblage to ES KB Partners, a company tied to the developers of 101 Key Biscayne, which began recording closings this summer.

The sale includes the strip mall at 24 Crandon Boulevard, which sits on a 28,325-square-foot lot; a 19,750-square-foot parking lot at 21 Crandon Boulevard; and a restaurant at 12 Crandon Boulevard, which sits on a 14,000-square-foot lot, according to Miami-Dade property records. The properties last sold for $4.75 million in 2011, marking a more than threefold increase to last week’s sale.

A press release about the sale from David A. Puyanic, the son of Max D. Puyanic, said the ownership had planned to develop the site into a Walgreens and free-standing bank site. The release said they had planned to own the property for generations, but were forced to sell by the village of Key Biscayne after their development plans were prohibited.

Developer Eric Soulavy, of 101 Key Biscayne, moved to the area three years ago. He developed 101 Key Biscayne with his partner Oscar Segall, who was a residential developer for 15 years in Brazil. Soulavy, who is Venezuelan, has a background in luxury car sales, TRD previously reported.