Marcus & Millichap Inc.
12/08/2025 | Press release | Archived content
Marcus & Millichap Brokers $13 Million Sale of Development Site in Miami’s Little Havana
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Marcus & Millichap Brokers $13 Million Sale of Development Site in Miami's Little Havana
December 08, 2025
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MIAMI, Dec. 8, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Havana River Assemblage, a 79,487-square-foot development site in Miami's Little Havana neighborhood. The property sold for $13,250,000.
"Multifamily development site sales continue to be extremely challenging in today's market," said Jonathan De La Rosa, senior managing director investments in Marcus & Millichap's Miami office. "Oversupply, rent compression, elevated construction costs and labor constraints have stalled many transactions across South Florida. This deal took approximately 18 months to get across the finish line and ultimately required a creative owner-financing structure to overcome market headwinds."
De La Rosa, along with Marcus & Millichap's Eddie Toledo and Matthew Albregts represented the seller. Scott Sandelin represented the buyer, a local private investor.
Located at 606 W. Flagler St., Havana River Assemblage consists of 11 contiguous parcels spanning block to block from W. Flagler Street to SW 1st Street. The development site benefits from multiple points of ingress and egress via W. Flagler Street, SW 1st Street and SW 6th Avenue, providing strong access and layout flexibility for future development.
The property is zoned T6-12-O, allowing a broad mix of uses including high-density multifamily, hotel, retail and office. Current entitlements allow for 274 multifamily units as of right, with the ability to increase density to more than 342 units under Florida's Live Local Act. Positioned within Miami's urban core, the site sits about 0.15 miles from the Miami River, 0.4 miles from downtown Miami and 0.6 miles from Brickell, placing it near the region's primary employment and lifestyle centers.
"Transactions of this scale require deep coordination among our teams, and this deal is a great example of the collaboration that helps our clients achieve successful outcomes," added De La Rosa.
"Multifamily development site sales continue to be extremely challenging in today's market," said Jonathan De La Rosa, senior managing director investments in Marcus & Millichap's Miami office. "Oversupply, rent compression, elevated construction costs and labor constraints have stalled many transactions across South Florida. This deal took approximately 18 months to get across the finish line and ultimately required a creative owner-financing structure to overcome market headwinds."
De La Rosa, along with Marcus & Millichap's Eddie Toledo and Matthew Albregts represented the seller. Scott Sandelin represented the buyer, a local private investor.
Located at 606 W. Flagler St., Havana River Assemblage consists of 11 contiguous parcels spanning block to block from W. Flagler Street to SW 1st Street. The development site benefits from multiple points of ingress and egress via W. Flagler Street, SW 1st Street and SW 6th Avenue, providing strong access and layout flexibility for future development.
The property is zoned T6-12-O, allowing a broad mix of uses including high-density multifamily, hotel, retail and office. Current entitlements allow for 274 multifamily units as of right, with the ability to increase density to more than 342 units under Florida's Live Local Act. Positioned within Miami's urban core, the site sits about 0.15 miles from the Miami River, 0.4 miles from downtown Miami and 0.6 miles from Brickell, placing it near the region's primary employment and lifestyle centers.
"Transactions of this scale require deep coordination among our teams, and this deal is a great example of the collaboration that helps our clients achieve successful outcomes," added De La Rosa.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on December 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 10, 2025 at 19:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]