The last undeveloped waterfront lot in downtown Miami just sold for a record-breaking $100 million an acre. Bought by companies controlled by German and Gloria Coto, the son and daughter-in-law of Argentinian grocery magnate Alfredo Coto, the total price was $125 million for the 1.25 acre parcel located at the northern corner where the Miami River meet Biscayne Bay.
The Cotos bought the land from a holding company controlled by developers Ugo Colombo and Diego Lowenstein. According to the Miami Herald, the transaction is a record in all of South Florida for a property of that size.
The property is next to the Epic and could potentially hold a building with 2 million square feet. According to Trulia, the median per-square-foot sales price in the area is $429. Units in the Epic next door are selling for even higher prices. So even with such an eye-popping sales price for just the land alone, there's still plenty of room for a hefty return of profit.
The property also has access to the only private dock in downtown that can accommodate mega-yachts.
It's probably safe to bet that the property will someday be home to a high-end condo tower.
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