Alta Development Acquires Development Site In Miami's Health District For $14.6M

A development site located at 1410, 1420-1428, 1410 & 1451 NW 14th Ave in Miami has been sold for a price of $14,600,000. The buyer of the property is Alta Development, led by Henry Pino, while the seller is American Business Continuity Domes & JCCE Commercial LLC. The sale was facilitated by Virgilio Fernandez of Colliers International, who represented Alta Development as the buyer's representative. Babba Yesharim acted as the seller's representative in the transaction.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $14,600,000
• Address: 1410, 1420-1428, 1410 & 1451 NW 14th Ave, Miami
• Market: Miami

River North, the 1.26-acre development site, is zoned T-6-12, allowing for 189 units per right. Its strategic location in the Health District, near the Miami River and within walking distance of Miami River Landing, makes it an attractive investment opportunity. The purchase of the property off-market by Alta Development signifies its potential as one of the last remaining developable sites of such size in the Health District.

The site's dimensions offer the flexibility for multiple configurations, providing convenient parking accommodations and design opportunities. The trade of $265 per square foot sets a record price for the area, reflecting the strong demand from developers to build market-rate multi-family properties in proximity to the Miami River and Urban Core. The Health District has experienced significant growth in recent years, with high demand for rentals driving up rents and fueling the need for new development projects like this one.

Virgilio Fernandez exclusively represents private buyers and sellers of investment properties in South Florida. With a focus on accelerating his clients' success and maximizing their investment, he advises them on the acquisition and disposition of real estate assets.