Brickell, Downtown Miami, the Design District, and basically all of the other neighborhoods near or along the Miami River and Biscayne Bay are witnessing big changes, and it is all happening rather quickly, at least by Miami standards. It seems like every month there are new developments cropping up in Miami, and these developments are transforming downtown. And, as the developments are going up, so are the prices for land and the condos that are constructed on it. One of the most recent land sales involved a 1.25 acre piece of prime waterfront property. It sold for an impressive $125 million, which breaks down to $100 million per acre. The property was marketed as the last vacant waterfront site in the area, which probably helps to explain the hefty price tag.
Of course, that can’t be the only reason this particular piece of land commanded a record-breaking sale. The waterfront property has so much potential development-wise. In addition to providing plenty of space for luxury condo towers or high-rise hotels, which will inevitably include amazing views of the water, the property has access to a private dock that can handle not just any boat, but mega boats, as in mega yachts. Thus, it’s not surprising that the sellers of this choice piece of land received quite a few offers from overseas investors (from a few different continents we might add), all of whom were surely eager to snatch this up to start developing some luxury real estate. Hopefully, it won’t be too long before we see what the new owners plan to do with this Miami gem!
