Avison Young Completes Sale of Miami’s Dolphin Square Site

Avison Young’s Florida Capital Markets Group completed the sale of Miami-Dade County eight-acre multifamily development site Dolphin Square. 

Avison Young Principals David Duckworth; Michael T. Fay, who is also managing director of the firm’s Miami operations; John K. Crotty, CCIM; Brian C. de la Fé; and Wayne Schuchts sold the asset on behalf of Boca Raton-based project development and management firm Procacci Development Corporation. The buyer was Coastland Residential, a Miami-based real estate investment and development firm.

“The existing multifamily properties in the Miami Springs/Doral submarket lack modern amenities and features renters are looking for, and there are virtually no class A multifamily projects planned in the area,” said Duckworth. “Considering the growing demand for new, high-quality multifamily housing, we positioned Dolphin Square to the buyer as an opportunity to capitalize on the supply/demand imbalance and purchase a site plan-approved development that will stabilize quickly at top market rents.”