A waterfront site in Miami’s Brickell financial district is selling for $577 per square foot in what appears to be a record for the area.
Two adjacent lots at SE 5th Street west of SE 2nd Avenue are trading hands for $104 million, more than the $100 million figure that had been rumored a few days ago.
The new owner of the Miami River property at 444 Brickell Ave., home of Capital Grille, is a joint venture between the heavyweight developer Related Group and GTIS Partners, a real estate investment company with projects in the U.S. and Brazil.
Two office buildings on the property will be torn down to make way for three towers. That upcoming project dubbed One Brickell “will become Related’s most visible and iconic Miami property,” Related said in a statement.
Prices in the area have skyrocketed since the announcement of the mammoth Brickell CityCentre project to the south.
Related is developing several nearby projects, including the SLS Brickell condo-hotel development. In June, the company bought a smaller vacant site a few blocks south of 444 Brickell for $32 million.