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Avison Young Arranges $14M Sale of MXU Development Site in Miami
Avison Young has arranged the $14 million sale of Le Jeune Station, a nearly three-acre development site in Miami. John Crotty, Michael Fay, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth of Avison Young represented the seller, Ocean Bank, in the transaction. The buyer was undisclosed.
The site’s 10-parcel footprint at 4238-42 NW 7th Street represents a mixed-use development opportunity with a zoning mix allowing a total as-of-right density of more than 260 units. A successful up-zoned project could boast up to 300 residential units and more than 625,000 square feet.
“The Le Jeune Station sale signifies continued demand from developers seeking quality multifamily sites in South Florida, as the market has seen growth in key sectors despite the pandemic and has become a magnet for companies and individuals desiring to escape high taxes and population density,” said Crotty. “The site is ideal for an area-defining project due to its prime location along the Le Jeune Corridor, which runs from Miami International Airport to the north and Coral Gables to the south.”
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