The last empty lot that remained on the main avenue in downtown Miami is sold for 6 million dollars

A new luxury condominium in Miami is nothing new at this point. But if it’s a building that’s going to be built on the last vacant lot left on one of the city’s main thoroughfares, then everyone’s paying attention.

The financial district of the city of Miami, the district known as Brickell from the name of its main avenue, has always been informally baptized as “the Wall Street of the South”. High-rise buildings with luxurious offices, mainly occupied by successful Latin American companies that came to Miami to conquer the United States.

But since the pandemic, the situation has changed, and the rest of the world (including Americans in other cities) seems to have begun to discover what South and Central Americans have known for decades: that Miami was the city to live and work in.

That’s why the Brickell neighborhood has been filled with technology and financial companies consolidating the ground in the city of the sun, and several high-profile international corporations that have traded the cold north for the heat of Miami (the most notorious case being maybe the move since Citadelthe country’s leading financial company, from Chicago to Miami, where has already invested $363 million in a 2.5-acre plot on which it will build its offices).

As is logical with offices and new jobs, comes the need for housing. That’s why, for more than a decade, the Brickell neighborhood has transformed from an office center to a place of residence for professionals and young families.

Among so many constructions, mostly luxury, there was only an empty lot on Brickell Avenue, located at 1870. It is a small lot of only 17,500 square feet, which was sold this week for a value of six million dollars.

It was purchased by a group of developers known as Menesse InternationalOriginally from Mexico, with extensive experience in real estate developments in the Riviera Maya and Argentina. During the pandemic, Menesse came to Miami to open offices in the Brickell neighborhood, and His first project here was the purchase of land in the same neighborhood (on rue nine corner avenue one from the southwest) which they paid $23.5 million for, where they are building a 39-story tower that they plan to open in 2026.

In this newly acquired land, which has a great symbolic value, they will develop 16 luxury apartments, of approximately 3,000 square feet each, whose value will start at 3 million dollars. The property will be directly opposite the St Regis Tower, one of the most anticipated projects under construction in the city.

It is not yet known when they plan to complete the project.

CONTINUE READING