Developer pays $33M for Miami River site, 1,426 units planned

By Brian Bandell, Senior Reporter-South Florida Business Journal

A New York developer paid $33.1 million for a property on the Miami River so it could expand the size of its mixed-use Miami River Village project.

Colliers International South Florida brokersLarry Stockton, Alex Morcate and Jeff Resnick represented the sellers Riverfront Parcel 5 and 6 LLLP, an affiliate of Paulo Melo’s Integra Investments, in selling the 2.97-acre site at 300 South Miami Ave. It was acquired by MRP Parcel 5 and 6 LLC, an affiliate of New York-based Kar Properties, led by Shahab Karmely.Kar Properties acquired a 1.8-acre site nearby in 2013.

According to Colliers International, the developer plans to build 1,426 units on both properties, starting with an 800-foot condo on the water. The properties were also approved for retail and office space.

As for Integra Investments, the sale proved especially sweet as it paid just $11.88 million for the property in 2011 and then rode the real estate recovery to a nearly tripling of its value.

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