Investor Buys Miami Riverfront Land For Triple 2011 Price

A New York developer is doubling down his bet on downtown Miami’s riverfront area, plunking down more than $11 million per acre for a large developable lot.

A company linked to New York-based Kar Properties LLC paid $33 million for a 2.97-acre site on SW Third Street between Miami Avenue and Southwest First Avenue on the northern edge of a block that includes several high-rise projects built during the last development boom.

The purchase adds to Kar’s holdings on the block. Last year, the developer bought the 1.8-acre trapezoidal waterfront lot at 24 SW Fourth St. for $27.5 million and said it intended to develop a residential condo tower.

Plans for the newly purchased land were not immediately disclosed, but the area is by right allowed to hold as many as 920 apartments and 100,000 square feet of office and retail space.

Three condo towers from the last cycle—Mint, Ivy and Wind by Neo—are south of the Kay parcel.

The sale hands a nifty profit to Miami-based Integra Solutions LLC, which purchased the land in March 2011 for just under $11 million.

 
Source:  DBR