CBRE tapped to sell 1201 Brickell Bay Drive

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CBRE has been selected to market the 1201 Brickell Bay Drive waterfront site in Miami for sale, the firm announced. The 2.5-acre site has 300 feet of bay frontage and is approved for 2 million square feet of development. The current site plan includes 787 condominium units and 1,500 parking spaces. “In the past year, sales of condominiums in Downtown Miami have increased 24 percent, with average pricing increasing by 9.1 percent,” said Robert Given, CBRE executive vice president with the firm’s Multi-Housing Group in South Florida. “South Florida’s luxury condominium market has seen tremendous increases in demand and pricing, with several luxury towers achieving record-breaking pricing in 2012, well in excess of $1,000 per square foot.” — Alexander Britell