Two Miami-based investors have purchased a prime development site for $6.5 million along the western bank of the Miami River, signaling continued inland growth in the area.
Andrew Korge’s KOR Development acquired the nearly 2-acre industrial-marine property at 3007 Northwest South River Drive with future redevelopment plans, according to the deal’s broker. Located in an unincorporated area west of Miami, the property offers significant potential.
Jorge Fernandez, formerly of the Related Group, partnered in the acquisition, while Bruno Ramos served as the seller.
Michelle Ash of Simply Marinas facilitated the transaction for both parties.
Though specific redevelopment plans are still in the works, possibilities include office-industrial and residential projects with over 300 units. Currently, the site features a 10,000-square-foot office building and a 4,000-square-foot warehouse. The property's grandfathered marine use suggests that future projects may incorporate dry storage, dockage, or wet slips.
Read the original article on The Real Deal: https://therealdeal.com/miami/2021/10/22/miami-rivers-western-bank-poised-for-growth-with-7m-dev-site-purchase/
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