MIAMI – Avison Young’s Florida Capital Markets Group completed the sale of Dolphin Square, a trophy multifamily development site spanning ±7.89-acres at 1556 NW 110th Ave. near Dolphin Mall in the Miami Springs/Doral submarket of Miami-Dade County. The site is approved for a mid-rise, 10-story project with 690 units, and the sale signifies continued investor-development demand for high-quality multifamily projects throughout South Florida amidst unprecedented population growth.

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.”

With Florida’s population growing faster than any other state, rents across commercial real estate asset classes are hovering near all-time highs, especially within Miami’s Central Business District. Dolphin Square will attract residents seeking modern, well-located apartments with rental rates much lower than within the urban core.

“Miami has experienced a migration boom of affluent residents from the northeast, west coast, and internationally, which continues to drive demand for high-quality residential properties,” said Fay. “As a result, rents in Downtown Miami and Brickell have increased exponentially and has caused residents to look at neighborhoods like Doral that are well-connected by major thoroughfares.”

Conveniently located within walking distance to Dolphin Mall, one of the area’s most popular shopping destinations, Dolphin Square residents will enjoy unparalleled access to over 240 world-class shopping, dining, and entertainment options. The property is also proximate to Florida’s Turnpike and Dolphin Expressway, allowing quick access to Miami International Airport and prominent areas to the east, including Downtown Miami, Brickell, Miami Beach, and Coral Gables.

The renowned Leo A Daly architectural firm designed the current Dolphin Square site plan.