Luxcom buying 71 developable acres in Palmetto Bay from FPL
Real estate developer Oscar Barbara, CEO and chairman of Luxcom Builders, has purchased for $33 million 71 waterfront acres in Palmetto Bay from Florida Power & Light.
The site is at 6525 SW 152nd St., at the intersection of Southwest 67th Avenue and 148th St.
“The 71-acre land parcel is the largest most recently on the market east of US 1 and is as close to a developmental anomaly ever presented in Miami-Dade County,” said Michael Fay, managing director of Avison Young’s Miami operations. “The site is ideally positioned adjacent to Deering Bay Yacht and Country Club in the foremost area of Palmetto Bay’s residential section and is the last major waterfront property with direct access to the ocean with no bridges and a marina basin in the entire county. Interest was brisk from local, national and international investors. Ultimately, we successfully secured a mutually beneficial deal with a local buyer.”
Privately held Luxcom, based at 1560 S Dixie Highway in Coral Gables, says it has developed more than 6,000 residential units and over 500,000 square feet of commercial space developed to date, and over $1 billion in sales.
Avison Young’s Florida Capital Markets Group negotiated the sale on behalf of FPL.