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.