David Arditi And Merrimac Ventures Acquire Development Site In Downtown Miami From Seller International Longshoreman Association And Miami Worldcenter For $17.5M

A development site located at 33-55 NE 6th St & 600 NE 1st Ave in Downtown Miami has been sold for a price of $17,500,000. The property spans 400,000 square feet, resulting in a price per square foot of $44. The transaction took place on November 22, 2022.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $17,500,000
• Address: 33-55 NE 6th St & 600 NE 1st Ave, Downtown Miami
• Market: Downtown Miami
• Buyer: David Arditi - Aria Development; Merrimac Ventures - Dev Motwani & Nitin Motwani
• Seller: International Longshoreman Association & Miami Worldcenter
• Brokers: Mika Mattingly, Cecilia Estevez & Jack Lowell - Colliers Urban Core Division
• BSF (Building Square Footage): 400,000
• Price Per Square Foot (PPBSF): $44

David Arditi from Aria Development, along with Dev Motwani and Nitin Motwani from Merrimac Ventures, acted as the buyers in the transaction. The sellers were the International Longshoreman Association and Miami Worldcenter. The deal was facilitated by brokers Mika Mattingly, Cecilia Estevez, and Jack Lowell of Colliers Urban Core Division.