Miami Waterfront Parcel Trades for Unusually High $363M
By Julia Echikson April 21, 2022 11:25 amreprints
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.
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 email@example.com.