Valerio Morabito Acquires Development Site In Bay Harbor Islands For $20.5M

The property involved in the transaction is a 1.2-acre development site located at 1135 103rd Street in Bay Harbor Islands, Florida. It was sold for $20.5 million to Valerio Morabito by P3 Investments. The site was previously approved for a seven-story, 29-unit boutique condo project designed by Pininfarina, with a purchase price of approximately $400 per square foot.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $20,500,000.00
• Market: Bay Harbor Islands
• Buyer: Valerio Morabito
• Seller: P3 Investments
• Buyer's Rep: Larry Stockton (Colliers International)

Larry Stockton from Colliers International represented both the buyer, Valerio Morabito, and the seller, P3 Investments, in the transaction. The seller, P3 Investments, had purchased the site in April 2016 for $16.5 million. The site has 300 feet of bay frontage and was the subject of a lengthy process to prepare it for development. The developers, Ugo Colombo and Valerio Morabito, have collaborated on previous projects, including Beach House 8 in Miami Beach.