Colliers International South Florida has facilitated the $26 million sale of a 6.3-acre vacant land situated in Miami’s River District. Executive Vice Presidents Gerard Yetming and Mika Mattingly brokered the deal. RAD Miami sold the property to South Florida-based investor and developer Mast Capital.
The buyer has already received site plan approval on the Miami River Walk project, which will include four buildings. The planned development will have a total of 688 one- and two-bedroom units, as well as 2,900 square feet of retail space.
Located at 1001 NW 7th Street, the property includes more than 1,000 feet of frontage along the Miami River. It is within close proximity of downtown Miami, as well as Brickell and Miami Health districts. Miami Marlins Stadium is within a 10-minute walk and Miami International Airport is no further than a 20-minute drive.
“The Miami River District has always been a bustling working waterway, but the recent activity signals that the market is recognizing the potential of the Miami River and the East Little Havana neighborhood for new residential development,” said Yetming, in a prepared statement.
The site has been vacant for more than 14 years, but was home to The Miami News headquarters from 1957 through 1973 and later held the Southeast Bank building.
Images courtesy of Colliers International South Florida
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