Sale of famed Mary Brickell Village signals that more high-rise buildings are coming

Mary Brickell Village (Courtesy: RPT Realty)

MIAMI, Fla. – A landmark shopping and dining area in the Brickell neighborhood of Miami has been sold.

RPT Realty announced on its website that it has acquired Mary Brickell Village for $216 million.

On the release, RPT touts Mary Brickell Village as a “generational grocery-anchored, mixed-use center in the premier financial district of Miami.”

RPT also hinted what may be to come, saying there is a “compelling value-creation opportunity through the vertical development of the site, where zoning allows for 4.1 million of additional square footage.”

“The value creation potential of what we believe is one of the top open-air centers in the country is unparalleled given the earnings growth potential and the material densification opportunity at the site.” said Brian Harper, RPT President and CEO.

Mary Brickell Village opened in May, 2006. It has been home to big-time restaurants, clubs and stores like Blue Martini, Rosa Mexicano and Publix.

RPT says nearly 7 million people visit the area every year.

About the Author:

Steve Owen is the Assistant News Director at WPLG, and helps lead the daily news operations.