The Real Deal Miami

Investors turn attention to developable land in Miami area

August 22, 2011 09:49AM

Investors are growing increasingly interested in developable land suitable for condominium towers, the Miami Herald reported, and are searching for distressed deals in Downtown Miami in preparation for the next wave of development.

So far in 2011, investors have purchased the deed or mortgage to at least 10 condo development sites for nearly $300 million, the Herald said, following the sale of at least six development sites for $20 million in 2010, according to Miami-Dade County records.

Deals range from the $236 million paid for the waterfront Miami Herald land at 1 Herald Plaza to the $14.8 million deal for the Coral Station At Brickell Way. [Miami Herald]