Stonecutter Capital Management paid $10.4 million for a multifamily development site a block north of the Miami River.
The New York City-based real estate investment firm bought the property at 1400 Northwest 17th Avenue, which now houses a Chase Bank building, as well as the adjacent vacant lot at 1404 Northwest 17th Avenue, according to a deed. The site totals roughly 1.7 acres.
Seller Inversiones Sion is a Miami-based entity managed by Santa Magdalena Properties and David Rodriguez, records show. Inversiones bought both lots in 2019 for $7.9 million.
The current zoning allows for more than 240 units and an up to eight-story building, according to the Miami 21 zoning code website.
Andrew Gurewitsch of ALG Capital represented the buyer, and Alfonso Jaramillo and Alexandra Escudero of Fortune International Realty represented the seller.
Stonecutter Capital was founded in 2012 by Scott Zucker and Robert Kunzweiler, who lead the company as principals, according to the firm’s website. Stonecutter, which also has an Atlanta office, has invested more than $500 million of equity in residential real estate, including multifamily, and businesses.
Zucker and Kunzweiler did not immediately return a request for comment on the firm’s development plans.
Stonecutter’s purchase marks the unquenchable investor thirst for multifamily development sites in light of the robust market, and also a budding development wave ready to sweep the western banks of the Miami River.
Urban-X Group developed one of the biggest projects on that edge of the river, the 8.1-acre, mixed-use River Landing Shops & Residences, which opened in 2020.
The growth is creeping west along the river. Miami-based Korgeous Development, led by Andrew Korge, and Jorge Fernandez, formerly with Related Group, paid $6.5 million in October for a development site at 3007 Northwest South River Drive.
The South Florida multifamily market prospered this year because of high demand that pushed up rents, prompting a healthy investor appetite for existing projects and developable land.
This month, Estate Companies paid $15.8 million for a downtown West Palm Beach site, with plans to build a Soleste-branded apartment community.