China City Construction Co. has acquired a beachfront site on Collins Avenue for $38.5 million or $925 per square foot. The one-acre oceanfront development is located between 67th and 69th Streets at 6747 Collins Avenue in Miami Beach. The location is near exclusive Bal Harbour shopping and dining destinations and Miami’s famed South Beach. The site is zoned for high-intensity multifamily, and was previously approved to allow for 60 residential units or 150 hotel rooms, with a gross building square footage allowance of 93,600. The seller, New York-based Peebles Corp., purchased the property in 2010 for $4.6 million. CBRE Hotels team members Robert Taylor and Paul Weimer, along with Gerard Yetming of CBRE Multifamily and Irving Padron of Engel & Völkers represented the seller.
“This beachfront site is ideally situated in one of the nation’s most sought-after real estate markets, a top-performing hotel market and a place where residential sales top $2,000 per square foot,” said CBRE Senior Vice President Robert Taylor. “Barriers to entry here are extremely high and land suitable for development isn’t often available.”
