Valerio Spinaci And Chris Salamone Purchase Development Site In North Bay Village For $18M

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.