Downtown Miami's Last Remaining Waterfront Lot Sold For $100 Million an Acre

Categories: Unreal Estate

The last undeveloped waterfront lot in downtown Miami just sold for a record-breaking $100 million an acre. Bought by companies controlled by German and Gloria Coto, the son and daughter-in-law of Argentinian grocery magnate Alfredo Coto, the total price was $125 million for the 1.25 acre parcel located at the northern corner where the Miami River meet Biscayne Bay.

The Cotos bought the land from a holding company controlled by developers Ugo Colombo and Diego Lowenstein. According to the Miami Herald, the transaction is a record in all of South Florida for a property of that size.

The property is next to the Epic and could potentially hold a building with 2 million square feet. According to Trulia, the median per-square-foot sales price in the area is $429. Units in the Epic next door are selling for even higher prices. So even with such an eye-popping sales price for just the land alone, there's still plenty of room for a hefty return of profit.

The property also has access to the only private dock in downtown that can accommodate mega-yachts.

It's probably safe to bet that the property will someday be home to a high-end condo tower.

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3 comments
samueljackson864
samueljackson864 topcommenter

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Eddie
Eddie

Why didn't we just give it to Beckham for free???

Rick284
Rick284

@Eddie here's why I wanted the stadium.  supposedly Beckham's group offered $2mill a year for the Museum Park space.  Which we said we didn't want. Now the Art Museum wants an additional $2.5 mill a year.  So now we have to come up with the coin for that pile of pretentious crap.  Pretentious crap that could have been subsidized in part by a stadium. But the hypocritical, elitist, carpetbaggers currently infesting the downtown corridor only want people of a certain sort in the environs.  Keep those football fans in their place - leave them in the outskirts with all the other undesirables. As soon as that first hurricane slams through watch them scamper off like Lebron James.  

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