A buildable property was purchased by Biscayne Companies and Etienne Equities in Miami’s Allapattah district.
The $3.5 million cash sale was completed last month. Used auto dealership Ocean Auto Sales presently occupies tge 0.7-acre location at 2951 NW 27th Avenue, just west of Melrose Park.
According to records, the dealership paid $2 million for the land in 2006.
The new owners want to start construction on a multifamily building with a retail component in two years. 114 units are permitted on the site.
The sale takes place as development in Allapattah, a working-class neighborhood west of Wynwood, is booming in response to Miami’s increasing real estate prices over the previous three years.
The proposal by NR Investments to construct a mixed-use complex at the GSA building at 1950 NW 20th Street is one of the largest projects currently under development. The designs call for 2,500 homes, a 300-room hotel, as well as shops and offices.
Longtime Allapattah developer Lissette Calderone suggested constructing a 1,250-unit rental complex in March, closer to Miami International Airport and just west of the neighborhood.
Source: Commercial Observer