To build or not to build

[Andres Zapata]

Currently I’m looking to buy a 600k old 2/1 home in downtown Miami. Avg Square foot is 459$- 500$ in that area. I want to build a three story triplex, I checked the zoning as well and I can build up 5 floors. After a preliminary research I have found two GC that would charge around 150$-200$ per square foot.  Is it a good idea to build or buy an existing triplex?  Anyone here from Miami or any similar city to this market that has done this type of deals?  

Thanks you