Valerio Spinaci And Chris Salamone Purchase Development Site In North Bay Village For $18M
7945 East Drive
$18,000,000
$535/SF
Building Size
33,600 SF
Asset Type
Development Site
Closing
Nov 30, 2025
AI
7941 & 7945 East Drive is a waterfront development site located in North Bay Village, Florida. The property, listed under contract, has a sale price of $18,000,000 and encompasses 33,600 square feet, translating to a price per square foot of $535. The site is zoned for 54 residential units and is adjacent to The Related Group’s future Ritz-Carlton Residences, making it a valuable opportunity in a growing area.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Address: 7941 & 7945 East Drive
- Market: North Bay Village
- Size: 33,600 SF
- Price per Square Foot: $535
- Buyer: Valerio Spinaci & Chris Salamone
- Seller: Marc Birnbaum
- Brokers: Andy Daro - Compass; Shaman Omar Ahmadzai - Branded.Miami
The transaction involves Valerio Spinaci and Chris Salamone as buyers, securing a prime development site. The seller of the property is Marc Birnbaum, with representation by brokers Andy Daro from Compass and Shaman Omar Ahmadzai from Branded.Miami. Notably, this deal highlights a significant movement in North Bay Village's real estate market.
Players
North Bay Village Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93