Last week, multiple buyers purchased a 36.7-acre parcel of land in Miramar for $41 million. The land, located between Red Road and Miramar Parkway at the southern edge of Broward County, will be developed into luxury apartment buildings and a retail center near the Florida Turnpike.
According to the Miami Herald, the largest portion of the sale went to Boca-based property management company the Altman Development Corporation, which purchased 30 acres for $35 million. The remaining 6.7 acres went to Master Development Partners LLC of Dania Beach, partnered with Konover South LLC from Deerfield Beach, for $6 million.
The plans include two luxury rental buildings that span 650 units, as well as 56,683 square feet of retail space dubbed Miramar Park Place–both of which signal a strong market for the area. Miramar’s median household income is $65,000, and the project’s developers are looking to tap into the city’s rising property values and population growth. The surrounding trade area includes +12 million square feet of corporate office and warehouses, including Miramar Town Center.
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