Colliers South Florida represented both the buyer and one of the sellers in the 1.26-acre development site deal.
MIAMI-DADE COUNTY, FL | June 1, 2022 – As demand for market-rate multi-family units continues in Miami’s urban core near the Miami River, Colliers facilitated the sale of River North, a 1.26-acre development site. The property is located in the Health District at 1400-1451 NW 14th Avenue, near the Miami River and one block walking distance from Miami River Landing. The site is zoned T-6-12, which allows for 189 units per right.
Colliers Senior Director Virgilio Fernandez and Managing Director Mitash Kripalani represented the buyer, Alta Development. They also represented one of the sellers, Peter Fedele. The off-market transaction totaled $14.6 million. Babba Yosharim, with Beachfront Realty, represented Colleen and Eddie Enis, the additional sellers.
“The site was a good fit for Alta Development and is one of the last developable sites of that size for market-rate rentals in the Health District,” said Fernandez. “The Health District has been booming in recent years with high demand for rentals that has pushed up rents. This site allows for multiple configurations, including design opportunities and parking accommodations to meet market demand.”
Atla Development outbid numerous offers for the site. The sale price marked a record price per square foot for the area at $265-per-square-foot. Led by Principal Henry Pino, Alta Development, a South Florida based real estate joint venture development firm, has been involved in some of the most noteworthy additions to the South Florida real estate landscape, with current projects such as Le Parc at Brickell, Baltus House, One Paraiso, Neovita, The Mile and past projects such as 900 Biscayne, Quantum on the Bay, Metropolis at Dadeland, The Vue and Camden Brickell, among others.
Through advanced aesthetics and technology, Alta Developers develops with a commitment to environmental sustainability and cultural integrity, ensuring a continued stature as landmark properties in South Florida. This smart, thorough approach to development allows Alta Development to stay on top of opportunities in emerging neighborhoods.
As Miami continues to experience robust growth and in-migration of people and companies, the Health District and the Miami River area are among the emerging investment hotspots. The Health District is home to one of the largest daytime populations and some of largest health care providers in South Florida, with major employers including Jackson Health System and University of Miami Health System. Meanwhile, investment in the Miami River District is on the rise and has welcomed new developments, like Miami River Landing Shops and Residences, marking a transformation of the area. As the need for housing close to dense employment centers and the urban core unfolds, this area is prime for development.