Riverwalk East Developments, led by Alfredo Coto, has won the bid to receive prime waterfront land on the Miami River, according to SFBJ.

Bids for the land were expected to exceed $100 million and Riverwalk East Developments won the bid with a price of $125 million. 

Developer Ugo Columbo was selling the 1.25 acre land at 300 Biscayne Boulevard after plans were abandoned to build a second tower.

The site is approved for a 609 foot building, but could expand to reflect the Miami 21 code.