Jose Castellano Acquires Development Site In Miami For $5.6 Million With Virgilio Fernandez As Seller's Broker

The property asset involved in this transaction is a development site located at 843 Northwest 12th Street, within the Miami market. The sale price was $5,600,000 for a total square footage of 22,066 at a price per square foot of $253. The site is fully entitled with ASPR approval and has construction permits for a 73,000-square-foot, 79-unit multifamily project, positioned on 0.5 acres and zoned T6-8-O.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $5,600,000
• Address: 843 Northwest 12th Street
• Market: Miami
• Square Footage: 22,066
• Price Per Square Foot: $253
• Buyer: Jose Castellano
• Broker: Virgilio Fernandez - Colliers

This transaction was facilitated by Virgilio Fernandez of Colliers, who represented the seller in an all-cash deal. The closing reflects a benchmark price per square foot, indicating strong market activity within the Highland Park area, which is in proximity to key locations such as Jackson Memorial Hospital, Downtown Miami, Wynwood, Brickell, and Miami International Airport.