THE PEEBLES CORPORATION CLOSES ON $38.5M SALE OF RARE OCEANFRONT DEVELOPMENT OPPORTUNITY IN MIAMI BEACH
CBRE arranges sale of one-acre site to China City Construction Company
Miami Beach, FL – October 15, 2015 – The Peebles Corporation has sold its 0.98-acre oceanfront development opportunity located between 67th and 69th Streets at 6747 Collins Avenue in Miami Beach, Florida. The prime Miami Beach oceanfront property was acquired by China City Construction Company (CCCC) for $38.5 million. The Miami-based CBRE Hotels team representing the seller included Robert Taylor and Paul Weimer, along with Gerard Yetming of CBRE Multifamily and Irving Padron of Engel & Völkers. American Da Tang Group and Borda Commercial Real Estate represented the buyers in the transaction.
“One of the last vacant oceanfront properties on Miami Beach — one of the hottest real estate markets around the globe — the site is a prudent investment with immeasurable potential,” said R. Donahue Peebles, Chairman and CEO of The Peebles Corporation. “As The Peebles Corporation shifts focus to our large-scale projects in the northeast, we will watch with great enthusiasm as China City Construction Company brings this exciting development opportunity to life and Miami and the Beaches continue to flourish.”
“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; as a result, the site is among the rarest-of-the-rare—an opportunity for a visionary developer to create a prestigious luxury condominium or hotel right on one of the world’s most famous beachfronts.”
With a location 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 up to 93,600.
The property at 6747 Collins Avenue is between Deauville Beach Resort to the south and Sterling Condominiums to the north. With a location three blocks south of SW 71st Street, it offers direct access to the North Bay Causeway and Miami’s Upper East Side neighborhood.