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

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SOLD
$5,600,000

Florida

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Development Site22,066 SF
Sold 06/12/2025
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Property Image
SOLD

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

843 Northwest 12th Street

See Similar Deals
Development Site22,066 SF
Sold 06/12/2025
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$253
Total Square Footage:22,066 SF
Transaction Type:Sale

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.

Players

Virgilio Fernandez
Cushman & Wakefield
Virgilio Fernandez
42 deals$222.9M volume(305) 613-4507
BROKER
Colliers
Colliers
BROKERAGE

Details

SOLD
IMAGE: Virgilio Fernandez DATE: 6/12/2025 ADDRESS: 843 Northwest 12th Street MARKET: Miami ASSET TYPE: Development Site BUYER: Jose Castellano BROKER: Virgilio Fernandez (@Vboundless) - Colliers (@ColliersInternational) SALE PRICE: $5,600,000 SF: 22,066 ~ PPSF: $253 NOTE FROM BROKER: Colliers is pleased to announce the successful closing of Highland Park Residences, a premier shovel-ready development site located at 843, 845, and 847 NW 12th Street, within Miami’s rapidly evolving Highland Park, adjacent to the Health District. Virgilio Fernandez of Colliers represented the seller in this all-cash transaction. The deal closed at a benchmark price per square foot, demonstrating the team's ability to achieve premium results despite prevailing market headwinds. Positioned on 0.5 acres, the site is fully entitled with ASPR approval and construction permits in place for a 73,000-square-foot, 79-unit multifamily project. Zoned T6-8-O, the property allows for dense, flexible mixed-use development and sits within walking distance of major anchors including Jackson Memorial Hospital, Downtown Miami, Wynwood, Brickell, and Miami International Airport. As investor appetite continues to grow for infill, transit-oriented development opportunities, this transaction highlights the rising demand for entitled land in strategic locations like Highland Park. If you are exploring the sale or acquisition of development opportunities, the Colliers team is ready to help you unlock maximum value.

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