Owner of Grove development site drops Metro 1, hires RelatedISG

Property was first listed for $4.2 million in September

Mar.March 14, 2016 12:00 PM

The owner of a prime development site in Coconut Grove has dropped Metro 1 as its listing brokerage, hired RelatedISG International Realty and lowered the price to $4 million.

First listed for $4.2 million in September, the property is currently occupied by a gas station built in the 1960’s at 3280 Grand Avenue. It’s blocks away from the CocoWalk shopping center and within a mile of Terra Group’s upcoming Grove at Grand Bay condo towers.

The land measures 14,953 square feet and already has approvals for a boutique hotel with 45 suites, according to marketing materials. Its zoning would also allow for 33 parking spaces and 9,000 square feet of commercial space.

It’s owned by a Florida limited liability company called LG 2, which lists its managing member as South Florida developer Bruno Carnesella. The company paid $1.6 million for the land in 2006, according to Miami-Dade County property records.

After shopping the property for six months with Metro 1 and Maria Elena Alvarez of Beachfront Realty, Carnesella has brought some fresh blood into the mix and lowered the asking price. RelatedISG and Alvarez will now head up marketing efforts, according to a news release. — Sean Stewart-Muniz

Related Articles

Tony Cho, Andres Nava and Valerio Morabito with 2143 Northwest First Avenue

Developer Valerio Morabito enters Wynwood market with $9M acquisition

Shoemaker lists Wynwood assemblage for $16M

Hotel developer Quadrum Global buys Wynwood site

A day in the life of Metro 1’s Tony Cho

Two-building industrial property in Miami sells for $10.4M

Metro 1 hires Richard Edwards as EVP

Metro 1 broker launches Gridline Properties

Tony Arellano leaves Metro 1, launches new firm with Devlin Marinoff