MIAMI—A 6.6-acre development site near Midtown Miami has traded hands. AMLI Residential, a Chicago-based developer of luxury multifamily, acquired the vacant land.
Alex Vadia, principal of Midtown Opportunities, sold the asset for $55 million. Vadia acquired the property for $11.5 million in 2011, and created value by assembling the lots and allowing AMLI Residential the time to entitle the property while under contract.
Robert Given and Gerard Yetming of CBRE have arranged the sale as part of a 17-acre portfolio in Midtown Miami. The land is between 2900 to 3010 Northeast 2nd Avenue, formerly a banana shipping facility. The site will be positioned for low- to mid-rise development with preserving water views for the next wave of development in Midtown Proper in mind.
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