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
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Jeff Bezos and his parents, Jackie and Mike Bezos, with 9501 Journeys End Lane (Douglas Friedman, Getty)
Jeff Bezos’ parents close on second Coral Gables mansion for $44M
Jeff Bezos’ parents close on second Coral Gables mansion for $44M
Allen and Spencer Morris, a rendering of the Ponce Park Residences, Mayor Vince Lago and Commissioner Rhonda Anderson (Oppenheim Architecture, Alan Morris, City of Coral Gables)
Coral Gables commission gives Allen Morris another chance for Ponce Circle project
Coral Gables commission gives Allen Morris another chance for Ponce Circle project
Jeff Bezos and his parents, Jackie and Mike Bezos, with 9475 Journeys End Road (Douglas Elliman Realty, Illustration by The Real Deal with Getty)
Jeff Bezos’ parents tied to $34M purchase of waterfront Coral Gables mansion
Jeff Bezos’ parents tied to $34M purchase of waterfront Coral Gables mansion
Asia PH on Brickell Key (Fortune International Realty, Illustration by Priyanka Modi for The Real Deal with Getty)
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Asia PH on Brickell Key tops Miami-Dade’s weekly condo sales
Cushman & Wakefield 's Amarjit “Marj” Bains with 701 Brickell Avenue and 703 Northwest 62nd Avenue
Cushman poaches 32 JLL employees who manage trophy Miami office properties
Cushman poaches 32 JLL employees who manage trophy Miami office properties
Oceana Bal Harbour
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
Oceana Bal Harbour closing tops Miami-Dade’s weekly condo sales
arrow_forward_ios

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

Loading...