The Related Group continues to be active in the Miami real estate market. The Daily Business Review reported last week on Related’s recent purchase of the Infinity II property, located at 1300 S. Miami Ave for $18.5 million. The purchase by Related, a company known for developing Brickell’s Icon and 500 condo buildings, shows that developers continue to look for opportunities in the Brickell market. The Miami marketplace is starting to see prices climb toward their 2005 highs, as investors who bought during the 2010 lows continue to unload their inventory and developers pick up projects where they left off after the market crashed.
Already invested in the construction of its two latest creations, Millecento and MyBrickell, the Infinity II site will provide Related with an additional 56,000 square feet to develop in Miami’s Brickell area. While the site comes with plans to build a 65-story building with 600,000 square feet of residential space and 50,000 square feet of retail and office space, Related has not announced its plans for the property. Related’s purchase of the Infinity II site comes after a series of recent purchases, permits and construction starts in the area.
Miami’s real estate marketplace has certainly started to heat up. Earlier this year, a 49,950 square foot lot which includes Tobacco Road, was sold for $12.45 million. Just across the street, Swire Properties broke ground on its $1.05 billion CitiCentre project in June. Florida East Coast Realty began marketing 2.5 acres of undeveloped bayfront land between the Mark and the Jade Residences at 1201 Brickell Bay Drive in October. And Capital on Brickell is in the process of renewing its building permits.