A Lehman Brothers subsidiary sold the former Golden Sands development site in Miami Beach to a joint venture that plans to develop a boutique residential tower on the property.
SMG/Shamrock and W Capital Group teamed up to acquire the vacant one-acre parcel adjacent to the Canyon Ranch Hotel & Spa, according to a written announcement released Tuesday by CBRE Hotels, which arranged the sale. The venture intends to build a luxury 20-story tower with only 14 residences on the oceanfront property at 6901 Collins Avenue. Each unit would occupy an entire floor, with a 7,000-square-foot penthouse taking up the top two floors.
The venture hopes to start construction later this year,
Miami-Dade County has not recorded the transaction.
CBRE Hotels brokers Natalie Castillo, Christian Charre and Paul Weimer represented the seller, along with Robert Given and Gerard Yetming from the firm’s Capital Markets group.
“The rebounding housing market combined with investors’ strong appetite for beachfront properties made this an opportune time to sell a rare site like this one,” Charre said. “The property was widely marketed nationally and internationally.” — Eric Kalis