Related buys vacant site in Brickell for $32M

Miami /
Jun.June 28, 2013 01:00 PM

Related Group bought an undeveloped, 1.37-acre parcel in Miami’s Brickell district for $32 million, the Daily Business Review reported.

The parcel, steps away from the $1.05 billion mixed-use Brickell CityCentre, currently under construction, sold for $18.1 million in 2005 and for just $9 million three years ago, following the crash, according to the Review.

At $533.33 per square foot, the sale was below the Brickell record for undeveloped land but represents the return of high prices in the area, the paper said.

Related’s 9SMA LLC purchased the property from SMA at Ninth LLC, a company affiliated with Miami-based Crescent Heights. Matthew Allen, Related’s chief operations officer, told the Review the company has not yet decided what will be built at the site. [Daily Business Review]Emily Schmall

CORRECTION: This article has been amended to correct Matthew Allen’s title. Allen is COO, rather than CFO, of the Related Group.


Related Articles

arrow_forward_ios
Trippy: Canadian psychedelic therapy clinic to open first Florida site in Wynwood
Trippy: Canadian psychedelic therapy clinic to open first Florida site in Wynwood
Trippy: Canadian psychedelic therapy clinic to open first Florida site in Wynwood
From left to right: David Edelstein, Nick Perez, Alex Karakhanian, Scott Sherman and Ben Mandell with the location (Google Maps, Related, Getty)
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
David Edelstein, Related and partners plan resi project on former RedSky property in Wynwood
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Jorge and Darlene Pérez with the home (Compass, Getty)
Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds
Billionaire developer Jorge Pérez sells Coconut Grove mansion for $33M, donates proceeds
Related's Jorge and Jon Paul Perez Carlton, Two Roads' Reid Boren and Taylor Collins with Carlton Terrace at 10245 Collins Avenue (Related, Two Roads, Google Maps)
Related and Two Roads to pay about $130M for the oceanfront Carlton Terrace condo building in Bal Harbour
Related and Two Roads to pay about $130M for the oceanfront Carlton Terrace condo building in Bal Harbour
Related Group's Jon Paul Perez and Jorge Perez with the New River Yacht Club apartments (Related)
Related Group sells downtown Fort Lauderdale apartments for $85M
Related Group sells downtown Fort Lauderdale apartments for $85M
Related Group scores $84M construction loan for Fort Lauderdale apartment tower
Related Group scores $84M construction loan for Fort Lauderdale apartment tower
Related Group scores $84M construction loan for Fort Lauderdale apartment tower
Five bidders vie to redevelop Homestead’s old city hall site
Bidders vie to redevelop Homestead’s old city hall site
Bidders vie to redevelop Homestead’s old city hall site
arrow_forward_ios

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

Loading...