Miami-Dade commercial land prices on the rise

Sales average $1.3M an acre in informal survey

TRD MIAMI /
Jun.June 19, 2013 03:00 PM

The demand for viable development sites throughout Miami-Dade County is boosting the cost of commercially zoned land, Miami Today News reported.

Between January and April, 12 randomly selected sales comprising 51 acres averaged $1.3 million an acre, or $29.84 a square foot, according to an informal survey. Last year, 24 commercial land sales totaling 188 acres throughout the county showed an average price of just over $700,000 an acre, or about $16.07 a square foot, Patricia Birch, a property appraiser with Gallaher & Birch, told the publication.

Some of the recent sales include a 16,000-square-foot site on Northwest 36th Street near I-95 in Miami that sold for $1.92 million, or $120 a square foot. A parcel at 1000 Northwest Seventh Street in Miami sold for $37 a square foot, the report said. Parcels in Miami Beach and Coral Gables are also being assembled into larger tracts for new development.

Developers in Broward County, however, have to work harder to land multi-acre projects, as previously reported. The Greater Fort Lauderdale Alliance is in talks with an existing business about converting nearby industrial space to what they need for additional employees. [Miami Today News]Mark Maurer


Related Articles

arrow_forward_ios
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
Bahram Akradi and model apartments at the Coral Gables development (Getty, Life Time) 

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project

Life Time launches preleasing of $500M Coral Gables mixed-use multifamily project
Icon unit tops list of most expensive condo sales in Miami-Dade (Google Maps; Icon Brickell)

Condo sales and dollar volume up from last week

Condo sales and dollar volume up from last week
Phil Collins, Orianne Collins, and 5800 North Bay Road (Credit: Tim Chapman/Getty Images, and John Parra/Getty Images)

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave

Phil Collins wants to sell his Miami Beach mansion for $40M, but his ex-wife won’t leave
6493 Allison Road (Credit: Douglas Elliman)

One Thousand Museum developer sells Allison Island home

One Thousand Museum developer sells Allison Island home
Greg Mirmelli with 2120 Bay Avenue (Credit: John Parra/Getty Images)

Miami Beach investor sells waterfront home for $18M, following bidding war

Miami Beach investor sells waterfront home for $18M, following bidding war
Floyd Mayweather & 5501 Pine Tree Drive, Miami Beach (Credit: Google Maps and Jun Sato/Getty Images)

Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss

Taking it on the chin: Floyd Mayweather Jr. sells Miami Beach home at a loss
1500 West 21st Street and Todd Glaser (Glaser by Mary Beth Koeth, Todd Michael Glaser)

Todd Glaser buys waterfront Sunset Islands home with plans to list it for $10M

Todd Glaser buys waterfront Sunset Islands home with plans to list it for $10M
arrow_forward_ios

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

Loading...