Press Releases
Marcus & Millichap Brokers Sale of Little Havana Site with Plans for Redevelopment
March 04, 2025
MIAMI, Mar. 4, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $4.75 million sale of a 20,504-square-foot development site located at 938-950 SW 8th Street in Miami’s Little Havana neighborhood. The site consists of a 14,500-square-foot vacant lot and a 2,238-square-foot vacant restaurant.
“This transaction highlights the continued demand for well-located development sites in Miami,” says Eddie Toledo, first vice president. “The hotel development will add to Little Havana’s growing hospitality scene, offering visitors a new lodging option in one of the city’s most vibrant cultural districts.”
Jonathan De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, IRAS group.
The two adjacent parcels are zoned T6-8-O, allowing for up to 70 residential units or 140 hotel keys. The property is situated on SW 8th Street, a major commercial corridor in Little Havana with a traffic count exceeding 23,500 vehicles per day. It is located one mile from Brickell City Centre and within walking distance of popular destinations such as Domino Park, Café La Trova, and Ball & Chain Nightclub.
“This transaction highlights the continued demand for well-located development sites in Miami,” says Eddie Toledo, first vice president. “The hotel development will add to Little Havana’s growing hospitality scene, offering visitors a new lodging option in one of the city’s most vibrant cultural districts.”
Jonathan De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, IRAS group.
The two adjacent parcels are zoned T6-8-O, allowing for up to 70 residential units or 140 hotel keys. The property is situated on SW 8th Street, a major commercial corridor in Little Havana with a traffic count exceeding 23,500 vehicles per day. It is located one mile from Brickell City Centre and within walking distance of popular destinations such as Domino Park, Café La Trova, and Ball & Chain Nightclub.
# # #
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 www.MarcusMillichap.com.
