The Real Deal Miami

Waterfront lot across from Beckham’s proposed MLS stadium sells for $6.7M

Professional race car driver Chapman Ducote flipped property after a year

March 18, 2016 12:15PM
By Katherine Kallergis

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600 Northwest Seventh Avenue

600 Northwest Seventh Avenue in green and the stadium site in orange

A developer picked up more than an acre across the street from David Beckham’s proposed Major League Soccer stadium in Miami, as the area becomes increasingly attractive to investors.

Fabio Faerman and Jonathan Molano

Fabio Faerman and Jonathan Molano

Professional race car driver Chapman Ducote sold the 47,152-square-foot plot for $6.7 million on Thursday, Fabio Faerman and Jonathan Molano told The Real Deal. The FA Commercial Advisors/Fortune International Realty brokers, who arranged the off-market deal, said the buyer has plans to develop the land at 600 Northwest Seventh Avenue, but did not disclose the buying entity. The sale has not yet gone through property records.

After repeated attempts to find a stadium site in Miami, Beckham’s group is focusing on nine acres in Overtown. The stadium would be developed between Northwest Sixth and Eight streets and between Northwest Sixth and Seventh avenues. Previous reports have said Beckham hopes to build a 30,000-seat soccer stadium that would cost an estimated $200 million — all of which, the group said, would be privately funded. Miami Beckham United is in talks with the Miami-Dade County to purchase county-owned land for the stadium.

Records show Ducote flipped the parcel for nearly double what he paid about a year ago. In March 2015, Ducote paid $3.65 million, or $77 per square foot. Now, he sold the waterfront lot for more than $140 per square foot. The property, located in Overtown, is currently zoned industrial for automative/marine uses.

The race car driver and former “Kourtney & Kim Take Miami” cast member is also president and CEO of a Miami Beach-based credit card processing company, Merchant Services Ltd.

The land also faces a canal that feeds into the Miami River. Faerman told TRD the influx of new projects in the river increased the value of this site. One River Point, a 60-story condominium designed by architect Rafael Viñoly, launched sales in the fall, with prices starting at $750,000. Chetrit Group and Ari Pearl are planning a $1 billion, 10-acre complex that will include four towers, a hotel, shops, restaurants, and a public river walk with boat slips.

Adler Group also purchased a development site next to the river in August, and Mill Creek closed on $52 million in financing for the developer’s planned 59-unit Modera River House project.

“The Miami River District is quickly becoming one of Miami’s destinations to see-and-be-seen,” Molano told TRD.