BUSLAM Acquires Development Site In Miami For $6M With Colliers International Reps

The development site at 1300 Coral Way, 1312 Coral Way & 2240 Southwest 13th Avenue in Miami was sold for $6,000,000. Spanning 30,163 square feet, the transaction achieved a price per square foot of $199, with a price per unit of $88,000. The property's strategic location in the Coral Way corridor, offering easy access to essential amenities and a quick link to the Central Business District through the nearby Metrorail station, added to its appeal.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $6,000,000
• Address: 1300 Coral Way, 1312 Coral Way & 2240 Southwest 13th Avenue
• Market: Miami
• Square Footage: 30,163
• Price per Square Foot: $199
• Price per Unit: $88,000

Virgilio Fernandez and Pablo Camposano of Colliers International represented the sellers in this record-setting transaction. The sale not only highlighted the residential appeal of the Coral Way corridor but also underscored the property's potential as a prime development opportunity. The strong demand for multifamily development sites in urban areas was further evidenced by a robust backup offer on the property.