Astor Pays $10M for Little Havana Site Approved for 179-Unit Project
By Julia Echikson April 3, 2024 3:52 pm
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Astor Companies paid $10 million for a vacant site in Miami’s Little Havana neighborhood, according to Marcus & Millichap, which brokered the deal.
The parcel spans 1.1 acres at the corner of Northwest Third Street at 315 NW 27th Avenue, two blocks north of West Flagler Street.
The seller, an entity tied to Frank Lopez and Pedro Munilla, paid $950,000 in 1998 for the site, which held an office building that was demolished last year.
In 2020, the seller gained approval to build an eight-story development with 179 units, though construction never took place and the land remains vacant. The project, called 315 Urban Flats, also features 3,140 square feet of retail space on the ground floor and 267 parking spots.
“Despite rising development costs and the high-interest rate environment, shovel-ready projects are still commanding a premium,” Eddie Toledo, vice president investments at Marcus & Millichap, said in a statement. “The sale of this fully approved 179-unit development site illustrates that.”
Jonathan De La Rosa, also of Marcus & Millichap, worked on the deal alongside Toledo.
Coral Gables-based Astor Companies is an active residential developer in Miami, having completed the 199-unit Douglas Enclave building last year and the 227-unit Merrick Manor condo building in 2019.
A representative for Astor Companies did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
