The Real Deal Miami

Brickell site sells for $6M, developer plans mixed-use project

The land, near Brickell City Centre, sold for about $417 a foot
By Katherine Kallergis | September 29, 2016 02:15PM

Karen Elmir and Brickell apartment buildings

Karen Elmir and Brickell apartment buildings

A developer paid $6.25 million for a pair of low-rise buildings in west Brickell with plans to build a new mixed-use project. 

The properties, at 239 and 243 Southwest Ninth Street in Miami, total 15,000 square feet and sold for about $417 a foot, Cervera Real Estate’s Karen Elmir, who arranged the off-market deal, told The Real Deal.

Metro Apartments LLC sold the buildings to Santiago Vanegas, a broker and real estate developer with the Habitat Group. Vanegas could not immediately be reached for comment, but Elmir said he plans to build a mixed-use project.

The seller is controlled by Maria Ramon and Alberto J. Cabrera. The Miami-based company paid $1.08 million for the buildings in 2011, property records show. They were built between 1961 and 1972 and include 16 apartments.

Saulo R. Perez, a Miami-based real estate attorney, represented the seller.

The properties are surrounded by low- and mid-rise apartment buildings, and are west of Brickell’s high-rises, including Brickell City Centre to the northeast. Swire Properties, the developer behind BCC, is already planning for phase two, and has purchased land on Seventh Street for a future expansion.

Last year, Carlos Mattos bought a site on Sixth Street for $9 million with plans for development.