AMLI Residential, a Chicago-based developer of luxury apartments, has acquired a Miami site previously used by Chiquita Banana for shipping. The 6.6-acre plot sold on Northeast Second Ave sold for $55 million. The property has been approved for residential development for up to 700 units.
AMLI’s has plans drawn by Zyscovich Architects to build two rental buildings. The north building would contain 485 units over 12 stories and a south building with 215 units in 8 stories. CBRE represented the seller, Midtown Opportunities, which bought the property in 2011 for $11.5 million. According to CBRE, Midtown created extra value by assembling the lots and allowing AMLI Residential the time to entitle the property while under contract.
“This area continues to mature and attract Miami’s cultural elite, a dynamic mix of renters, owners, retailers and entrepreneurs,” added Gerard Yetming, Senior Vice President of CBRE. “Wynwood, Edgewater, Midtown and the Design District have all experience phenomenal appreciation in real estate sales prices and rents over the last two years as the caché of these neighborhoods continues to rise.”
