Coral Way parcels return to West Brickell market
Coral Way plots are back on the market as West Brickell land values
continue to appreciate.
2.4-acre parcel surrounding a recently redeveloped Amoco filling station
across from the Brickell Publix, valued at $5.2 million when it was
assembled by the Trion Group three years ago, now bears an asking
price of $7.1 million.
down the block, LaSalle Partners is looking to sell a 2.07-acre site
at 1200 S Miami Ave. that was to have been redeveloped as an apart-hotel
spokespersons did not release prices, but the previous owners paid
$6.6 million for the site in 1982.
President Ken Barber, who owns the Brickell area Walgreens building
opposite the parcel for sale, said rapid appreciation in property
values has made his original plans for the site untenable.
changes in character as the market drives it," he said. "Four
years ago Publix and Walgreens were doing very well. It seemed like
a good opportunity to build a 30,000- square-foot local center. The
price of property made sense then.
put together a plan and fully leased the project."
changes in the market have made it apparent that that plan was not
the highest and best use of the property, Mr. Barber said.
we built it," he said, "in 10 years it would be torn down
again by market demand."
Brickell becomes "a community within a community," he said,
the land is better suited to a vertical mixed-use project involving
residential, retail and office components not Trion's area
of expertise, though he would consider joint development.
the Hyde Park property at the tail end of Coral Way in what
wasn't even an area for investment until recently selling for
$70 a foot," he said, "you've got to think West Brickell
is coming into its own."
Laquer of Laquer Corporate Realty, broker for both re-listed properties,
says it's all a question of timing.
in real estate time works against you," she said. "But in
terms of West Brickell investments, time works for you."
on the LaSalle sale, Ms. Laquer said it took quite a few years to
put the property together and come up with a highest and best use
as an apart-hotel.
was determined after that evaluation period," she said, "was
that in view of the fact that you can count available properties on
one hand, the best use is to sell rather than develop.
plate is full with projects around the country, and they felt they
would be best served by concentrating on other projects."
Harvey Taylor, who jump-started the area's retail redevelopment with
the Publix Plaza, said rising land values are fueled by the absence
of buildable tracts still left in the area.
of those tracts can't afford the intended use and can't afford to
pay the land price," he said.
Taylor's Coral Station project just east of Publix was redesigned,
he says, and he will start getting construction documents shortly.
It will include apartments, office, retail and a parking garage.
brokers familiar with the area say the sale of the Hyde Park property
at $70 a square foot would certainly encourage nearby land-owners
Laquer said the Walgreens and Publix sites on Coral Way sold in the
low- to mid-$30s a square foot in the early 1990s.
is a normal reaction to what's happening in the marketplace,"
said Bob Valledor, owner of Valledor Co. "Every time there's
a change to a major property it creates renewed interest in the buildings
interest in the area grows and land becomes more scarce, he said,
the law of supply and demand drives prices up.
15 or 20 years ago the Coral Way corridor was experiencing land values
at these numbers," said Tom Dixon of Thomas J. Dixon Inc. "Then
sales activity diminished. It looks like Coral Way is coming back
into the cycle.
Brickell develops there's an overflow of interest in adjoining real
with most proposed development planned for Seventh and Eighth streets
close to the Miami River, Mr. Dixon said, "it's surprising that
there would be interest in Coral Way properties."
Laquer Corporate Realty, (305) 374-6116.