A residential development property in Miami Beach has traded for $11.3 million.
The waterfront 6800 Indian Creek Drive parcel was acquired by a private real estate investment group, Globe St. reported. It has approvals for a 14-story, 80-unit residential building with 18 boat slips. Miami-based Windsor Capital is the seller.
Windsor was represented by the Boca Raton office of Atlanta-based ARA.
“There are very limited opportunities for development on Miami Beach,” ARA broker Troy Ballard told Globe St. “Canyon Ranch, in particular, adds tremendous cache to the area.” [Globe St.] — Eric Kalis