Audio By Carbonatix
Advertising Can't Do It Alone
The challenges facing local news organizations are very real. That's why reader support matters more than ever. If you believe independent journalism matters, make a contribution today and help us reach our summer fundraising goal of $10,000 by August 9.
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.
Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.
