A vacant property in North Miami Beach approved for hotel development has been sold for $11.38 million.
The buyer paid $2.74 million an acre for the 4.14-acre site at 17400 West Dixie Highway in North Miami Beach, near Greynolds Park.
The city government approved a 10-story, 260-room hotel at the West Dixie Highway site, but the hotel project never advanced to the construction stage.
The seller of the property was Braha Dixie LLC, managed by New York-based Ralph Braha.
Two buyers now share ownership of the 4.14-acre site. Dixie Investments, managed by Avi Dishi and Greg Manocherian in Miami Beach, acquired a two-thirds interest in the site, and New York-based Roe Dixie LLC acquired a one-third interest.
The site last sold in 2006 for $9 million. [South Florida Business Journal] – Mike Seemuth