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Colliers facilitates the sale of a two-parcel development site in Brickell for $15M

Colliers South Florida represented the buyer and seller in the sales transaction.

MIAMI, FL | October 24, 2022 – As Brickell continues to surge with investment demand for development sites with multifamily opportunities, Colliers facilitated the sale of Ninth Street West Brickell, a 0.47-acre development site. The site consists of two parcels strategically located off 9th street at 180 SW 9th Street and 160 SW 9th Street in Miami, FL. The site is zoned T6-24-0, which allows a developer to build up to 9.1 times the property’s land square footage, approximately 531,259 square feet, and 48 stories, including bonuses. 

 

Colliers Senior Director Virgilio Fernandez as lead, Executive Managing Director Gerard Yetming, Managing Director Mitash Kripalani, and Senior Financial Analyst Julian Zuniga represented the buyer, Alta Development LLC., in the deal. The Colliers team also represented the seller, Progesti Corp., in the transaction. The sale closed on Friday, October 24 for $15 million. 

 

“As Miami continues to experience increased employment fundamentals and population growth, investors have shifted their focus to developing apartment projects to meet the demand,” said Fernandez. “The site was a brilliant acquisition for Alta Development as they will have the opportunity to capitalize on delivering a midmarket apartment product during an affordability crisis while benefitting from support from the city and county.”

 

The development site consists of two parcels. Parcel A measures 0.30 acres containing 24 existing units, and Parcel B measures 0.17 acres. The parcels are located directly on Ninth Street in the Little Havana overlay, allowing high-density development opportunities.

 

“Due to the scarcity of development sites in Brickell, this was a unique opportunity for Alta Development as the last parcels of developable land trade at record prices,” said Fernandez. “Alta Development secured RTZ zoning from the county before closing, increasing the allowable development density almost threefold to 500 buildable units an acre. We continue to see developers get creative as they work with the county to gain benefits that provide additional value to the deal.”

 

After Colliers facilitated a competitive call for offers, Alta Development was awarded the deal. Alta Development is a South Florida-based real estate joint venture development firm led by Principal Henry Pino. The firm has been involved in some of the most noteworthy additions to South Florida’s 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.

 

As Miami attracts new businesses and residents, demand for real estate in Brickell and Miami’s high-density financial center continues to increase. From 2010 to 2022, Brickell’s population has grown by 74% to 48,000 residents. Over the same period, the percentage of renter-occupied housing units increased from 47% in 2010 to 59% in 2022, pushing residential rental rates up. The effective rent for a multifamily apartment in Brickell was $3,076 in September 2022, a 12% increase over the last 12 months. Furthermore, competition is fierce for investors looking for developable land in Brickell with the average price per acre more than doubled since last year.


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Virgilio Fernandez

Senior Director

Miami

As Senior Director on the Colliers South Florida Capital Markets team, Virgilio Fernandez specializes in investment sales, namely land, retail and multifamily.

He exclusively represents private buyers and sellers of investment properties throughout South Florida. He assists clients in making investment decisions by providing them with rigorous analyses of their assets. He currently advises private investors in the acquisition and disposition of real estate assets with the goal of accelerating their success by maximizing their investment. His team has a proven track record with over $1 billion in transactions. Using skill, care and diligence, as well as an entrepreneurial solutions-oriented approach, he seeks to continue helping clients achieve their investment goals in the most effective and efficient manner.

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Gerard Yetming

Executive Managing Director, Investment Servs

Miami

Gerard Yetming joined Colliers in 2016. His team focuses on investment sales of all product types in urban South Florida neighborhoods.

A dynamic and dependable commercial real estate broker with over 15 years of commercial experience, he has demonstrated success pioneering new, emerging brokerage practices in complex, non-traditional niches - including condominium conversions in the early 2000s and urban land in the early 2010s.

He has a proven track record for successfully executing capital market transactions, having been involved in more than $8 billion of assignments including some of the largest and most complex transactions in South Florida. His recent focus on urban land assignments has resulted in $1 billion of transactions over the past since 2012.

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Mitash Kripalani

Managing Director - Investment Services

Miami

As a Director of Investment Services in the Miami office of Colliers International South Florida, I specialize in capital markets with a focus on multifamily, land deals and investment sales.  Servicing core South Florida markets.

I have more than a decade of commercial real estate experience. Prior to joining Colliers, I was with the Douglas Elliman Commercial Division in South Florida. I have also spearheaded numerous multi-million dollar Multifamily and condominium conversion projects and completed investment sales across the State of Florida. Our team specializes in multifamily properties, covered land, off-market sales, and assemblages across core South Florida neighborhoods.

I have earned the prestigious Certified Commercial Investment Member (CCIM) designation and currently serve as the Chapter President of the  Miami Dade/Monroe District Board of Directors for the CCIM. The Certified Commercial Investment Member (CCIM) Institute was established in 1954 to give commercial real estate practitioners a previously unrealized opportunity to further their business practices through focused education and networking opportunities. Only six percent of all commercial real estate practitioners - approximately 13,000 professionals - hold the respected CCIM designation across North America, and in more than 30 nations overseas.

I am passionate about giving back to the community by volunteering and being involved in professional organizations and a recent graduate of the Leadership Miami Program through the Greater Miami Chamber of Commerce. 

 

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Julian Zuniga

Senior Financial Analyst

Miami

Julian Zuniga joined the South Florida offices of Colliers International in 2016. He serves as the lead financial analyst for the investment sales team, focusing on the underwriting and analysis of development site and multifamily acquisitions / dispositions throughout the South Florida Market.

As a proficient and entrepreneurial driven analyst, Julian is a key contributor to the investment sales team providing high-level, in-depth market data analytics and valuation metrics to all the team’s assignments. Julian strives to provide industry leading and accurate data sources and valuation models, which will lead to optimal results for the client in all types of traditional and complex transactions.

Over the past 6 years, he has demonstrated success working on the underwriting and deal execution in non-traditional niches including condominium buyouts, income producing covered-land plays, and short-term rental home revenue sharing business models.

In his young career, Julian has built a proven track record having worked on and executed over $500 million worth of development site and multifamily assignments in South Florida.

Julian has been in the real estate business most of his life, working with his father’s development company from a young age. He obtained his real estate license in 2013 and has also focused on the commercial real estate sector. He received a bachelor’s in business administration from Florida International University in 2015 and shortly thereafter received his master’s in international real estate (MSIRE) in 2016 from the nationally ranked Hollo School of Real Estate at Florida International University. Julian began his career at Colliers as an intern and quickly grew within the company as an analyst and associate broker.

Julian was born in Barranquilla, Colombia and has been living in the United States for the past 20 years. Being fluent in both Spanish and English has allowed him to work seamlessly and create strong relationships with investors and developers from Latin America looking to acquire / dispose assets in domestic and foreign markets.

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