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South Florida

Design District site sells for $11 million


A rendering of the proposed Cube condo

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A condominium development site in the Miami Design District has sold for $11 million, according to seller Cymbal Development. Cymbal had purchased the site for $2 million in December 2009, meaning a 550 percent return for the company. The site had been the planned location of the Casa and Cube condos. “Our goal was to develop the site and create an exciting community,” said Asi Cymbal, president of Cymbal Development. “But the opportunity to monetize the value that we created and generate 50 percent to 125 percent in annual yields for our investors was too compelling.” — Alexander Britell