This vacant site was acquired for $6.9 million in 2012 with the intention to build a multi-story apartment building. As the cost of occupancy was rising quickly in Miami with few affordable alternatives, workforce housing was thought to be the ideal product type missing in the market.
Working with a nationally recognized multifamily architectural firm and local engineers, the site was designed and entitled for a 9-story building with 402 units and an attached 5-story parking deck. Prior to starting construction in 2015, Sherr Development received an unsolicited offer to sell the property for $16.3 million. With a significant return on investment from the sale of vacant land in Miami, Sherr continues to pursue other opportunities in Florida.