The Real Deal Miami

Brickell site sells at half of 2005 price

January 15, 2009 10:32AM

Miami-Dade County property records show that the developer of the planned
Premiere Towers condo project west of Brickell Avenue sold the vacant site for
$9 million, half of what the group paid for it in 2005 at the peak of the
development boom. Premiere Towers sold the 60,000-square-foot site for
$150 per square foot, most likely the lowest sale price in West
Brickell since the housing meltdown. SMA at Ninth bought the
development site on December 31 after getting a loan for half of the
sale price.