444 Brickell Acquired by Related Group for $100M

Once again foreign buyers have what seems like an unrelenting appetite for Miami real estate  Perhaps nobody knows this better than Related Group  Since mid last year they have been on a massive land hunt in Miami  This past Friday they were back at it again when they paid $100M for a 4 acre site located at 444 Brickell Avenue

$100M is a hefty sum by any means but how does it compare to other land acquisitions in the past  Most notably how does it compare to the price paid for the land directly across the street at the Icon Brickell site  Icon Brickell also developed by Related Group resides on a 5 acre parcel of land that was acquired in 2004 for $94M  Besides their size the key difference between to the two parcels of land is that 444 Brickell resides along one body of water the Miami River while the Icon Brickell site resides along two bodies of water the Miami River and Biscayne Bay  To put it simply this past Friday Related Group paid $6M more for a piece of land that was one acre smaller and positioned with less water frontage  This comparison goes to show just how much real estate values in Miami have bounced back since the boom and bust cycle of yesteryear

There is no word yet as to what will be constructed at the 444 Brickell site but given the $100M price paid for the land one would think that it will be just as monstrous as the 1800 unit development across the street  Expect to see at least 1600 luxury units along with high profile commercial space at the base

• Related Group buys prime Brickell Ave site South Florida Business Journal
• Related spends $100 Fricken Million on 444 Brickell Avenue Curbed Miami