Coral Gables development site trades for $8.5M

TRD 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
6312 Riviera Drive and Jeff Conry (Realtor)

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M

Lift off: Charter airline prez buys waterfront Coral Gables mansion for $15M
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
From left: Brian Kingston, Irving Padron and Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park
Samark Jose Lopez Bello, 325 Leucadendra Drive (Credit: Google Maps)

Seized home of alleged frontman for drug launderer sells for $12M

Seized home of alleged frontman for drug launderer sells for $12M
Frank Del Rio and 272 Marinero Court (LPG Lifestyle Production Group)

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M
Ericka Witkowski

Former Cushman & Wakefield broker launches her own firm

Former Cushman & Wakefield broker launches her own firm
From left: Magnus Jennemyr, Timo Khammash, and Irving Padron

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove
arrow_forward_ios

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

Loading...