The Real Deal Miami

Miami riverfront parcel sells for $4.5 million

June 13, 2012 09:00AM

A 1.23-acre parcel on the Miami riverfront has been sold for $4.5 million, according to Cushman & Wakefield, which represented seller Canpartners Realty Holding Company IV Miami River, a limited liability company related to Canyon Capital Realty Advisors. The project was acquired by an entity led by Melo Contractors Corporation. The site, which is located just west of I-95 between the Flagler Street and SW 1st Street bridges in western downtown Miami, can accommodate 184 residential units. “This is one of the most exciting multi-family development opportunities in the Miami CBD, especially since it will be developed along the Miami River,” said Rosendo Caveiro, a multi-family specialist at Cushman and Wakefield who represented the seller along with Brad Capas. — Alexander Britell