A developer paid $5.2 million for a 2-acre site in Pinecrest to develop 18 townhomes.
Scarofa Properties, managed by a Miami family with ties to Haiti, led by Stephane, Catherine and Aurelie Rosarion, bought the property at 7520 Southwest 100th Street, according to records.
The seller is a company connected to FSE Investments, led by James Dorsy, records show. The property last sold in 2006 for $1.2 million.
Fabio and Sebastian Faerman of FA Commercial at Fortune International Realty represented the buyer and seller.
The plan is for a townhouse project, dubbed “The Villas at Pinecrest,” with average unit sizes of 3,588 square feet, according to a release. The project will consist of four buildings. Amenities will include cabanas with a retractable roof, and two-car garages.
Pre-sales have begun, with prices between $1.4 million and $1.8 million.
The site work is almost finished and total construction is expected to cost $11 million, according to an online listing for the land.
Other recent development site deals in the Miami area include Alta Developers paying $17.5 million for 1.5 acres of land in Coral Gables to develop a 215-unit multifamily, mixed-use project; and The Estate Companies paying $13.1 million for the development site of a waterfront 23-story apartment tower in North Miami Beach.