A 1.43-acre development site located at 1505 Ponce de Leon Boulevard in Coral Gables has sold for $8.5 million, or $136 per square foot, Cushman & Wakefield, which handled the deal, said. The seller is a financial institution advised by the Roseview Group and represented by Cushman & Wakefield’s Rosendo Caveiro and Brad Capas. The buyer is a South Florida-based private investment and development company.
“Because of its superb Coral Gables location and the potential to rezone the land for multifamily, this high-profile land offering generated extraordinary interest from the country’s top multifamily developers and several overseas investors,” Caveiro said.
Caveiro added that he attributes the sale to significant rent growth trends in Coral Gables, scarcity of core multifamily development sites, the site ‘s more than 220 feet of frontage along renowned Ponce de Leon Boulevard and its proximity to Miracle Mile. —Christopher Cameron