Marcus & Millichap : Sells Shovel-Ready Little Havana Multifamily Site for $10 Million

MIAMI, April 3, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a fully approved development site, 315 Urban Flats, in Miami, Florida. The asset was sold for $10 million.

"Despite rising development costs and the high-interest rate environment, shovel-ready projects are still commanding a premium," says Eddie Toledo, vice president investments. "The sale of this fully approved 179-unit development site illustrates that."

Toledo and Jonathan De La Rosa, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller Frank Lopez and Pedro Munilla and procured the buyer, Astor Acquisitions, LLC.

The site, located at 315 NW 27th Ave., spans 50,782 square feet on a 1.17-acre plot in Little Havana, near iconic Calle Ocho Street and the 836 Expressway. All construction plans are approved by the City of Miami and Miami-Dade County, allowing immediate commencement post-closing. The project is slated for 179 units across eight floors, comprising studios, one-, and two-bedroom units, alongside ground-floor retail spaces, a pool, fitness center and parking garage.