The Real Deal Miami

Brickell development site hits the market

Sage Developers secured approval for an 8-story hotel or residential project
By Keith Larsen | January 22, 2019 05:30PM

Ryan Shaw and a rendering of 1621 Southwest 2nd Avenue

Sage Developers is selling a vacant lot in Brickell for $7.2 million, where a new developer could build a boutique hotel, condo or apartment building.

The Miami-based real estate firm, led by Felipe and Carlos Pineda, put the 19,850-square-foot development site at 1621 Southwest Second Avenue on the market for $362 per square foot. The site, marketed as VIDA | Brickell, is already approved for an eight-story building with 60 residential units or 120 hotel rooms, according to the listing agent, Ryan Shaw of Marcus & Millichap. Units could range from 823 square feet to 1,215 square feet.

Shaw said Sage Developers decided to sell the property shortly after the investment group scored approval for the land. Sage Developers bought the site in 2013 for $2.7 million.

Shaw said he’s received interest from multifamily and hospitality investors, largely due to its location. The property is around the corner from Atton Brickell Miami, a $65 million hotel that was completed in 2016, and near Mary Brickell Village.

Greater Downtown Miami, which includes the Brickell area, has seen a huge influx of new apartments built over the past few years. There are more than 24,000 multifamily units in the pipeline this cycle in the greater downtown area, and roughly 11,000 units have been delivered or are under construction, according to data from Integra Realty Resources.