Colliers International’s Larry Stockton Negotiates $20.5M Development Site Sale

Nov 27, 2017 No Comments by

The largest shovel-ready development site in Bay Harbor Islands has sold for $20.5 million to Morabito Properties, a Italian boutique development firm specializing in high-end residential properties. Morabito Properties’ most recent Miami development, Beach House 8, sold out well in advance of final completion.

Colliers International South Florida Senior Vice President Larry Stockton represented both the buyer and seller, KSM Realty, in the sale of the 51,120-square-foot development site located at 1135 103rd Street in Bay Harbor Islands.

Situated on approximately 1.2 acres with 300 feet of direct bay frontage, the waterfront site is perfectly positioned to capitalize on the same exclusive buyers that frequent the nearby Bal Harbour Shops.

 

“Morabito has a very focused development strategy, that targets a very sophisticated and discriminating audience,” said Colliers’ Larry Stockton. “The opportunity to acquire a shovel-ready development site on an exclusive island, that is steps from an internationally renowned shopping destination, aligns quite well with this strategy.”

Seller KSM Realty spent several years preparing the site for development, including overcoming significant entitlement and legal hurdles. The outcome was the delivery of a uniquely exclusive shovel-ready development site on which 29 units are fully designed and approved.

The deal highlights continued activity from international investors in Miami-Dade. Year-to-date, there has been more than $123 million of cross-border investment in development sites in Miami-Dade – an increase of more than 15% for all of 2016. In 2017, these investments have originated primarily from Israel, China, Hong Kong and Brazil, respectively.

 

 

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