Design District building sells for $96 per square foot

Developer Todd Glaser has purchased a 3,368-square-foot building at the edge of the Design District in Miami for $96 per square foot in a cash sale. Glaser, who was involved in the district’s redevelopment in the early 1990s, plans to renovate the $325,000 property at 4111 N. Miami Avenue and lease it to a restaurateur or retailer. Area real estate experts said that even recently, local sales prices have been three or four times higher than what Glaser paid. The building was owned by One Art, a non-profit, which purchased it in 1999 for $250,000.