MIAMI–JMH Development just closed on the acquisition of 8995 Collins Avenue, a waterfront development site in Surfside. The sale price $46 million. Jeff Cohen of Avatar Realty Services represented the buyer in the negotiations.

JMH has big plans for the site. The New York-based developer will build a luxury boutique condominium building, similar to its Three Hundred Collins project in the South of Fifth neighborhood. That project is over 50% sold with a scheduled completion set for 2017.

"8995 Collins is one of the last remaining beachfront sites in Miami Beach and our first endeavor in Surfside," says Jason Halpern, founder and managing partner of JMH. "We have seen a void in smaller, truly high-end buildings in this market, and we are focused on developing more projects of this nature throughout Miami Beach. We were especially drawn to the privacy of the site, which shares a cul-de-sac with The Surf Club Four Seasons development next door."