Miami developer nabs two adjacent lots in Coconut Grove
Two adjacent vacant lots in Coconut Grove sold for a combined $3.25 million — a 62.5 percent increase from their last sale in 2011 — The Real Deal has learned.
A Miami developer purchased the 48,000-square-foot sites at 3610 and 3620 Stewart Avenue with plans to divide the properties into three 16,000-square-foot lots, Jose Perla of Nexus International Realty told TRD. The buyer is negotiating the split with the city of Miami.
Nexus International Realty’s Roland Dupuy was the listing agent. Perla represented the seller, Isabelle Dupuy, when she purchased the properties for $2 million in a short sale in November 2011.
The lots are located in a gated bayfront community. The sale closed on April 15 and has not yet been been recorded.
Vacant land in the Grove is scarce, Perla said. And redevelopment in the market is booming: earlier this month, a group of Latin American investors acquired a site in the west Grove ten times its last sale price. In March, new restaurants were announced amid a flurry of multimillion dollar purchases and renovations, including the Engle Building, which is attracting high-profile tenants, and Pointe Group’s $14 million purchase of three commercial parcels totaling 60,000 square feet.