The Real Deal Miami

Development arm of Florida Crystals buys Palmetto Bay site: $8M

Developer has about 10 projects totaling 2,800 apartments in the pipeline

July 28, 2016 10:30AM
By Katherine Kallergis

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Palmetto Bay site

17945 Southwest 97th Avenue in Palmetto Bay

FCI Residential, the development arm of sugarcane giant Florida Crystals, picked up a development site in Palmetto Bay for $7.8 million.

Records show TotalBank sold the nearly 4-acre site at 17945 Southwest 97th Avenue, currently a bank building. It was on the market for $8 million. 

According to the Loopnet listing, the property is within the Village of Palmetto Bay’s proposed revised master plan, which would double the allowable multifamily density from 40 units an acre to 80. It also said the site could have retail on the ground floor. A one-story, 24,664-square-foot building is on the site.

Florida Crystals, owned by brothers Alfonso Fanjul and José Pepe Fanjul, focuses its real estate arm on multifamily developments. Earlier this year, it opened Atlantico at Kendall, a 322-unit apartment building, and has developments in Miramar and Delray Beach. FCI, formed in 2012, is working on about 10 projects and expected to building nearly 2,800 apartments totaling $500 million by early next year.

Previous sales information for the Palmetto Bay land was not available online.