MIAMI—As the Greater Downtown Miami area continues heating up, investors are taking special interest in the Edgewater neighborhood. A vacant 7.35-acre development site in Edgewater just traded hands.

A Florida-based private company acquired the site at the corner of Northeast 2nd Avenue and 17th Street from BDB Miami for $64 million. This deal marks one of the largest non-waterfront land transactions in the Edgewater area. The site is zoned for mixed-use with rights to build up to 3 million square feet of residential, retail, hotel, and office.

“Miami's continued evolution as a world class gateway city requires large scale development opportunities like this,” CBRE senior vice president Gerard Yetming, who represented the seller, tells GlobeSt.com. “The population growth and continued influx of global capital are driving demand for multiple real estate asset classes and the supply is best delivered in dense infill neighborhoods like Edgewater.”