MIAMI—One of the few remaining pieces of prime developable land in Coral Gables has changed hands. And developers have a plan to build luxury townhomes aimed at empty nesters and retirees.

Franklin Street's Deme Mekras represented the buyer in an off-market transaction. The buyer is Michael Garcia-Carillo, whose company GC3 Development plans on tearing down an existing older multifamily building to construct five new luxury townhomes. The sales price for the property was $2.075 million, representing $415,000 per lot.

“The price on this deal underscores the fact that the luxury housing market continues to heat up here in South Florida,” says Mekras, regional managing partner for Franklin Street's Miami office. “Coral Gables is one of Miami-Dade County's most mature and exclusive neighborhoods. There is a lot of demand to live here.”