Florida Power & Light sold a vacant lot in downtown Miami for $21 million last week.
FPL sold the 2.2-acre site to Miami Bridge Lot Ventures, a partnership between Ytech International and Miami investor Carlos Mattos, according to a news release.
The lot, located at 201 Southwest Second Avenue, was last assessed by the Miami-Dade property appraiser at $4.1 million and is zoned for commercial use. It was advertised as a “unique opportunity to develop a high-profile and high-visibility condo, multi-family or mixed-use project.” Colliers International and Avison Young brokered the deal.
Ytech International, led by Yamal Yidios Char, has redeveloped more than 3,000 residential units in South Florida and has a $300 million real estate portfolio in Florida and Texas, according to the release.