It looks like Brickell is coming back slowly but strongly. Is it too fast to believe in a solid recovery of the Brickell Area? According to public records and South Florida Business Journal a private equity group purchased a 1 acre lot for $5.4 Million on June 11th, 2010 from Union Credit Bank. The lot is located in the heart of the Brickell Financial District just on the north side of The Vue at Brickell and east of Axis Condominium, a block away from Mary Brickell Village, the signature Mall of the area, least to say a wonderful location!
I have included this photo of the actual site. This picture is old since Axis Twin Condo Towers are already built and the School renovation is completed. The site is located at 1100 South Miami Avenue Miami FL 33130 see map here. However this is the best shot to give you an idea of where the lot is located.
This site was owned by development firm Brickell Village Partners and was recently repossessed by the lender Union Credit Bank another case of repossession just like what i commented on this late fever in Miami on my other post titled "Lenders are taking over Downtown Miami Condo Inventory" you can read it here
As i mentioned before private equity groups are buying from lenders in bulk at deep discount and this is simply another sample of this, in this case as reported investors paid a rate of $150 per square foot on a 36,000 square feet lot. Nice!
At the time of foreclosure the total debt was $7.6 Million on principal loan plus $1.2 Million in interest, fees, and court costs according to the public records. A purchase for $5.4 Million sounds like a great deal.
Investors and equity groups are buying in targeted areas, high density and well located, as this one, there is no doubt that a site like this one walking distance to Mary Brickell Village with signature restaurants, bars, high end retail stores, walking distance to Publix Supermarket, banks, biscayne bay and famous Brickell Avenue is without a doubt a no-brainer. The market will come back and where in Miami better than in Brickell Financial District where density is a huge component, residential towers are already completed, most of them are occupied, infrastructure is done, crime is low, transportation is done and beign improved at least in plans, public improvements are seen with the naked eye.Where else than in Brickell, there is no magical equation here, Brickell is and will continue to be a very desirable location today, in the past and very well in the future. Some people say, What about Downtown Miami? My answer is: There is no competition there, Brickell is the Financial District and it got its name for a reason, new state of the Art office towers and Major Downtown Miami firms are moving into Brickell this once more proves the desirability of the Brickell address. There is clearly no competition and no questions asked that Brickell is a place for solid investment.
The question remains, is the market turning at the same pace investors are counting on?
Read more: Equity group pays $5.4M for one-acre site in Miami - South Florida Business Journal
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