Sales  ·  Land

Procacci Sells Development Site Near Dolphin Mall for $38M

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Coastland Residential scooped up a developable parcel near the Dolphin Mall for $38 million.

The site, which spans eight acres, is located at 1556 NW 110th Avenue, across the street from the outlet mall in Sweetwater, Fla. The Pinecrest-based developer did not take on debt to fund the acquisition and plans to build a multifamily property with 690 units, which the site is already approved for, Coastland’s vice president of acquisitions, David Ittilucksatit, told Commercial Observer. 

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The seller, Procacci Development Corporation, has owned the land since at least 2013, when it demolished the existing structures on the site, though it’s unclear how much the Boca Raton-based developer paid. The site has remained vacant since. 

Avison Young’s David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts represented Procacci and announced the recent sale.

Miami’s rental market remains hot. For the 10th consecutive month, the broader metro area has led the nation in year-over-year rent growth with rates averaging $2,840 a month, according to July data from Realtor.com

“Considering the growing demand for new, high-quality multifamily housing, we positioned [the property] to the buyer as an opportunity to capitalize on the supply/demand imbalance and purchase a site plan-approved development that will stabilize quickly at top market rents,” Duckworth said in a statement.

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