A truck sales lot in the Allapattah neighborhood is slated for redevelopment after it was sold for $9 million.
Land Trust Service Corp. No 2479-36, of Lake Wales, sold the 3.08-acre site at 2479 N.W. 36th St. to Bindi Investments LLC, managed by Copag Registered Agents in Miami. Cesar Carasa of One Stop Realty represented the seller in the deal.
The property last traded in 2016, when it was seized following a foreclosure lawsuit. It operated as a truck and heavy equipment dealership.
Carasa said the property is certainly headed for redevelopment under the new ownership. The T6-8-O zoning permits eight stories and 140 units per acre, so there could be over 400 units on the site. He noted it’s four blocks west of the Earlington Heights Metrorail Station, so a developer could petition for a parking space reduction to encourage mass transit ridership.
“It will probably be developed with rental units,” Carasa said. “Land like this would cost $20 million or $30 million in Brickell. This is great for people who can’t rent in Brickell. They will come to this area because the rent is a little lower.”