Design District site sells for $11 million

Wednesday, January 25, 2012

Another Done Deal- SOLD! $11 million - Development Site in the Miami Design District. 57,000 Sq Ft of Land. We are making things happen. Call us if your a buyer or seller or just looking to Lease space. We get the job done.


A condominium development site in the Miami Design District has sold for $11 million, according to seller Cymbal Development. Cymbal had purchased the site for $2 million in December 2009, meaning a 550 percent return for the company. The site had been the planned location of the Casa and Cube condos. “Our goal was to develop the site and create an exciting community,” said Asi Cymbal, president of Cymbal Development. “But the opportunity to monetize the value that we created and generate 50 percent to 125 percent in annual yields for our investors was too compelling.” 
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