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The property is located one block from the beachfront, has inherent property air rights allowing for future redevelopment options, and is within walking distance of several high-end hotels and multimillion-dollar condominiums.
A "special area plan" is a zoning process in Miami 21 that allows a developer that assembles over nine acres of land to apply for the right to build at much greater height and density than would otherwise be allowed.
"The surge in sales reaffirms our belief in the region as a critical global gateway for business, travel and tourism, and residential living," said Vanessa Grout, CEO of OKO Real Estate. "I have no doubt that Miami and the South Florida region have longevity and will continue to prosper."
Southport Financial, one of the largest affordable housing investors in the country, purchased The Sands at St. Lucie in Fort Pierce for $32.2 million.