Downtown Pad Goes For $2.86 Mil. Per Acre

MIAMI-ESA Florida of Spartanburg, S.C. pays Coolidge-South Market Equities of Scarsdale, N.Y. $4.42 million for a 1.55-acre site planned for a six-story Extended Stay America Hotel. The land price equates to $65.46 psf.

By Harold Kelman | Updated on August 22, 2000

Talk about land appreciation. Here’s a textbook example.

Coolidge-South Market Equities of Scarsdale, N.Y. paid $2.8 million for a 1.55-acre Downtown Miami site in 1998. The price equates to $1.8 million per acre or $41.47 psf.

Coolidge-South officials Unidad Rabina and Sheldon Stahl sold the parcel this week to ESA Florida of Spartanburg, S.C. for $4.42 million.

The price equates to $2.86 million per acre of $65.46 psf–an appreciation of 58%, not counting a 17,719-sf Hyde Park Markets structure on the site itself that will be demolished.

Going up at the 1505 SW Third Ave site will be a six-story Extended Stay America Hotel. Integra Appraisal and Real Estate Economiics Associates of Miami tracked the property’s sales history.

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