Morabito Properties, an Italian boutique development firm specializing in high-end residential properties, has scooped up the last shovel-ready development site in the Bay Harbor Islands for $20.5 million. Located at on 103rd Street, the 51,120 square foot site (approximately 1.2 acres) has 300 feet of direct bay frontage. The seller, Seller KSM Realty, spent several years preparing the site for development, overcoming significant entitlement and legal hurdles which provided the asset with approval for 29 fully designed units. Colliers International South Florida Senior Vice President Larry Stockton represented both the buyer and seller in the sale. “Morabito has a very focused development strategy that targets a very sophisticated and discriminating audience,” said Colliers’ Larry Stockton. “The opportunity to acquire a shovel-ready development site on an exclusive island, that is steps from an internationally renowned shopping destination, aligns quite well with this strategy.”
