Miami Waterfront Parcel Trades for Unusually High $363M

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Florida East Coast Realty (FECR) sold a developable parcel in Miami’s Brickell district for an eye-watering $363 million, making it one of the most expensive land trades in the Magic City’s history, property records show. 

The 2.5-acre property — located at 1201 Brickell Bay Drive just north of the Jade Residences — is one of the last remaining vacant plots along the Biscayne Bay in Brickell, which has become a hotbed for luxury developments thanks to skyrocketing residential prices.

SEE ALSO: Harbor Group Sells Pompano Beach Apartment Complex for $96M

The sellers paid just $15.5 million in 2000 for the land, reflecting the neighborhood’s transformation from a sleepy residential district to the city’s financial district, housing glittering skyscrapers and multimillion-dollar apartments. 

In 2016, FECR, led by the Hollo family, announced plans to develop a pair of 1,049-foot towers, designed by world-renowned architect Norman Foster. But today the parcel functions as a structureless, single-floor parking lot. 

The buyer, listed in records, is Randall Davis, though it’s unclear which firm Davis is associated with, if any. A representative for FECR did not immediately respond to a request for comment. 

The parcel is zoned under T6-48a-O, which permits the construction of 48-story buildings. The buyer will likely ask for additional height, part of a growing trend in Miami of developers building so-called “supertall” structures. 

Less than a mile away, Mast Capital is working on a Cipriani-branded luxury condominium after paying $103 million for the 2.8-acre site. Michael Stern, known for building supertall buildings in New York City, is developing a 1,049-foot tower, also in Brickell, in partnership with Major Food Group.  

In another gargantuan deal, Related Group and 13th Floor Investments offered $500 million last month to buy an aging, oceanfront condo building with an intention to redevelop the property. 

Julia Echikson can be reached at jechikson@commercialobserver.com.