Waterfront lot across from Beckham’s proposed MLS stadium sells for $6.7M

Miami /
Mar.March 18, 2016 12:15 PM

A developer picked up more than an acre across the street from David Beckham’s proposed Major League Soccer stadium in Miami, as the area becomes increasingly attractive to investors.

Professional race car driver Chapman Ducote sold the 47,152-square-foot plot for $6.7 million on Thursday, Fabio Faerman and Jonathan Molano told The Real Deal. The FA Commercial Advisors/Fortune International Realty brokers, who arranged the off-market deal, said the buyer has plans to develop the land at 600 Northwest Seventh Avenue, but did not disclose the buying entity. The sale has not yet gone through property records.

After repeated attempts to find a stadium site in Miami, Beckham’s group is focusing on nine acres in Overtown. The stadium would be developed between Northwest Sixth and Eight streets and between Northwest Sixth and Seventh avenues. Previous reports have said Beckham hopes to build a 30,000-seat soccer stadium that would cost an estimated $200 million — all of which, the group said, would be privately funded. Miami Beckham United is in talks with the Miami-Dade County to purchase county-owned land for the stadium.

Records show Ducote flipped the parcel for nearly double what he paid about a year ago. In March 2015, Ducote paid $3.65 million, or $77 per square foot. Now, he sold the waterfront lot for more than $140 per square foot. The property, located in Overtown, is currently zoned industrial for automative/marine uses.

The race car driver and former “Kourtney & Kim Take Miami” cast member is also president and CEO of a Miami Beach-based credit card processing company, Merchant Services Ltd.

The land also faces a canal that feeds into the Miami River. Faerman told TRD the influx of new projects in the river increased the value of this site. One River Point, a 60-story condominium designed by architect Rafael Viñoly, launched sales in the fall, with prices starting at $750,000. Chetrit Group and Ari Pearl are planning a $1 billion, 10-acre complex that will include four towers, a hotel, shops, restaurants, and a public river walk with boat slips.

Adler Group also purchased a development site next to the river in August, and Mill Creek closed on $52 million in financing for the developer’s planned 59-unit Modera River House project.

“The Miami River District is quickly becoming one of Miami’s destinations to see-and-be-seen,” Molano told TRD.


Related Articles

arrow_forward_ios
Edna Buchanan with 400 W San Marino Drive
Crime writer Edna Buchanan sells Venetian Islands home for $12M
Crime writer Edna Buchanan sells Venetian Islands home for $12M
Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
French soccer player Paul Pogba and a rendering of Aria Reserve Miami in Miami's Edgewater neighborhood (Getty, Melo Group)
Consolation prize? Soccer pro Paul Pogba buying Miami condos
Consolation prize? Soccer pro Paul Pogba buying Miami condos
Estée Lauder and 144 Everglade Avenue (Getty, Google Maps)
Estée Lauder’s former Palm Beach estate gets designated historic
Estée Lauder’s former Palm Beach estate gets designated historic
Nicole Martin and Anthony Lopez with 555 Reinante Avenue (Getty, Jorge Chao/ONE Sotheby's International Realty)
“Real Housewives” star, fiancé drop $22M on waterfront Coral Gables estate
“Real Housewives” star, fiancé drop $22M on waterfront Coral Gables estate
KAR's Shahab Karmely and Fortune International's Edgardo Defortuna with rendering of 24 Southwest Fourth Street (KAR Properties, Fortune International Group)
Karmely, Defortuna revive plans for stalled One River Point condo tower
Karmely, Defortuna revive plans for stalled One River Point condo tower
Future with waterfront Miami Beach home (Getty, Douglas Elliman)
Rapper Future buys waterfront Miami Beach home for $16M
Rapper Future buys waterfront Miami Beach home for $16M
A rendering of the planned mixed-use project at 1250 Northwest 22nd Avenue (Getty, Polish American Club of Miami)
Polish American Club seeks rezoning for Miami River mixed-use project
Polish American Club seeks rezoning for Miami River mixed-use project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...