Coral Gables development site trades for $8.5M

Miami /
Feb.February 11, 2013 11:00 AM

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


Related Articles

arrow_forward_ios
Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty)
South Florida by the numbers: Play ball
South Florida by the numbers: Play ball
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Nathan Reiber was the developer for Champlain Towers South in Surfside (Getty, Levitt-Weinstein Obituary)
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Fadia Bassi and Tyler Reynolds (Getty)
Movers & Shakers: Cushman taps former JLL vice president as managing director & more
Movers & Shakers: Cushman taps former JLL vice president as managing director & more
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
The Coral Gables office building (United Dream Real Estate, Getty)
Dental clinic buys distressed Coral Gables office building for $7M
Dental clinic buys distressed Coral Gables office building for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...