The Real Deal Miami

Vacant 6-acre Miami River site on the market

Developer had plans for mixed-use site back in 2003

May 04, 2015 03:45PM
By Katherine Kallergis

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Miami River site and Rosendo Caveiro of Cushman & Wakefield

Miami River site and Rosendo Caveiro of Cushman & Wakefield

A development site along the Miami River is on the market, Cushman & Wakefield announced on Monday.

The 6.3-acre vacant land, at 1001 Northwest Seventh Street, has more than 1,000 feet of river frontage, and is one of the largest undeveloped and privately owned properties in the area. Rosendo Caveiro of Cushman & Wakefield’s multifamily advisory group is the listing agent for the parcel.

Rad Miami River Phase I LLC owns the development site. The Miami-based company paid $8.75 million for it in April 2004, according to Miami-Dade property records. Edwin and Heidi Verdezoto are listed on Rad’s corporate records. A current asking price was not disclosed, and Caveiro did not immediately respond to a request for comment.

In 2003, Edwin Verdezoto of Royal Atlantic Developers submitted plans for a mixed-use project on the site, the South Florida Business Journal reported. The land is under the current Miami 21 zoning code.

The Miami River is spilling over with new development, with projects that include the $300 million River Landing, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk. Restaurants are also in the works, including Sushi Samba, Edge, River Oyster Bar, Fox Hole Marketplace and Deli at Latitude on the River.

“Market conditions in the Miami Health District are ripe for development,” Caveiro said in a press release. “Condominium prices have soared in the Downtown/Brickell submarket due to foreign investor demand … The westward shift will provide a more affordable multifamily housing alternative.”

The area is also drawing interest from major developers, like Shahab Karmely, founder and principal of New York-based Kar Properties. His firm began amassing properties along the river 2013, first paying $27.5 million for a 1.8-acre river property at 24 Southwest Fourth Street, which was the site of two failed condo projects. Karmely then added two more adjacent river parcels totaling three acres, for a combined purchase price of $33.1 million.

“Miami’s urban core is undergoing a transformation unlike any other seen in the market before, including the development boom of the mid–2000s,” according to a Cushman & Wakefield report. “The [Central Business District] is a mere 1.7-mile area with a daytime population of over 200,000 people — and growing.”