Miami investor Enrique Manhard bought 1.2 acres of land in the MiMo Biscayne Boulevard Historic District, near the Brightline train tracks.
Manhard, who purchased the development site along with investment partners, currently does not have plans to either build on the property or flip it, although prospective tenants have expressed interest in a ground lease, according to the buyers’ broker, Estrella Perez of EP Realty Group.
Perez did not disclose the other investors, saying Manhard is the main one.
Records show the seller is 5220 Biscayne Boulevard LLC, managed by Fatos Rosenberg. The site last traded for $8 million in 2005, according to property records.
The land is just south of Northeast 54th Street, and between Biscayne Boulevard and Federal Highway, as well as just east of the Design Place apartments in Little Haiti.
Manhard is a Uruguayan investor who cut several deals last year and this year, both buying and selling development sites in Miami.
That same month, Manhard and his investment partners reinvested in Miami, paying $46 million for 2.2 acres downtown that are zoned to allow an up to 80-story, 2.2 million-square-foot project.
Manhard put a 2.4-acre development site along the Miami River on the market in February for an undisclosed price, although sources familiar with the submarket said the land is expected to sell for about $30 million.
The area where Manhard made his latest purchase has caught the eye of developers, with various projects either completed, under construction or proposed. North of the site, the Magic City Innovation District is underway. And just east of Manhard’s property, developer Justin Podolsky wants to build the 5.9 million-square-foot, mixed-use Sabal Palm Village at Flagler Trail on the current site of the Design Place.