Developer Oscar Barbara buys massive undeveloped waterfront property in Palmetto Bay

Florida Power & Light sold the 71 acres; development plans include a residential complex

Miami /
Dec.December 31, 2018 12:30 PM

(Credit: iStock)

Developer Oscar Barbara acquired one of the largest undeveloped waterfront properties in Miami-Dade County, with plans to build a mainly residential complex, The Real Deal has learned.

Barbara paid $33 million for the sprawling property.

Florida Power & Light sold the 71-acre development site at 6525 Southwest 152nd Street in Palmetto Bay to Yacht Club by Luxcom LLC. Barbara, CEO and chairman of Luxcom, expects to build residential on the site with a marina and clubhouse, and is also considering a commercial component, he said.

The deal closed on Dec. 21. Avison Young’s Michael Fay, John Crotty, David Duckworth, Jay Ziv and Brian de la Fé brokered the sale.

FPL had the property on and off the market since at least 2013. It was asking $60 million when then-Standard Pacific Homes tried to buy the land. Avison Young re-listed it earlier this year.

Fay said the plot is “the last major waterfront property with direct access to the ocean with no bridges and a marina basin” in Miami-Dade. Barbara called the site a “unicorn,” adding that “it’s a bucket list [project] I thought I would never be able to check off.”

The Palmetto Bay land sits on Biscayne Bay close to the Deering Bay Yacht and Country Club and adjacent to the Deering Bay Estates. FPL built a power plant on the site in the 1940s, but it was decommissioned in 2012 and torn down in 2013.

Property records show it is zoned for 1-acre estate homes.

Coral Gables-based Luxcom has projects in Sunrise, Wellington, Fort Lauderdale and Coral Gables. Last year, the company paid $12.6 million for a shopping center in Sunrise to build a mixed-use apartment project with an Aldi grocery store.


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
arrow_forward_ios

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

Loading...