A multifamily and commercial development site along Biscayne Boulevard near North Miami hit the market for $10.5 million.
Owner Alex Silberman purchased the 3.2 acres of land at 11240 Biscayne Boulevard in August 2012 for $2.9 million from Biscayne 114 Center of New York, property records show.
The asking price shows a significant uptick in valuations since then.
Colliers’ Gerard Yetming, Julian Zuniga and Mitash Kripalani listed the land for sale on behalf of Silberman.
The Biscayne Boulevard site has two different zonings, as 2.17 acres is designated for 10 to 21 multifamily units per acre, and the remaining 1.06 acres is designated for a commercial use such as retail, according to a press release.
Yetming said in the release that the site is centrally located and comes at a time when the multifamily market is doing well.
Source: The Real Deal