The company bought 4.67 acres at Northwest 12th Street and Milam Dairy Road, just southwest of Miami International Airport, for $4 million, or approximately $856,531 per acre. The seller was Venamerica Florida LLP, a partnership led by Robert Cambó, CEO of Alliance Cos. Inc., a locally-based commercial real estate development and brokerage firm.
The new owner is not 100% sure it will develop a hotel, but the company is an investor and has been a hotel operator in the past, and that is one of the primary possibilities, Ernesto Casal of Alliance Cos., who brokered the sale, tells GlobeSt.com. If a hotel is developed, it likely would be a garden-style hotel with two or three stories and not a high-rise, he adds.
However, the land also lends itself to office, industrial or retail uses, Casal says. "It lends itself to be utilized for other purposes."
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