The Real Deal Miami

Shovel-ready Biscayne Boulevard development site trades for record-setting $5.7M

September 17, 2012 01:30PM

A rendering of the planned development at 3360 Biscayne Boulevard

The Biscayne Boulevard site of a planned residential development has traded for $5.75 million, a record setting number for the corridor, Colliers International South Florida announced today. The land, located at 3360 Biscayne Boulevard, was sold by Lionheart Capital to Argentinian-based development firm interested multi-family development.

“There was tremendous interest in all options given the strength of the residential condo and rental markets, the improved transparency of the Latin-American sales strategy, the growth that is taking place along Biscayne Boulevard, Midtown, and the Design District, and the value of having a fully approved project that was shovel ready,” David Metalonis, CCIM senior vice president, said in a statement.

The site has already been approved for a 16-story, 127 unit residential tower with ground floor retail. Metalonis represented Lionheart in the deal. — Christopher Cameron