The Real Deal Miami

Bayfront Edgewater assemblage to hit market for $18.4M

Up to 36 stories can be built on the 26,880 sf site

November 23, 2015 06:00PM
By Katherine Kallergis

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Edgewater assemblage

Edgewater assemblage

A bayfront development site in Edgewater will be listed for about $18.4 million on Monday. 

Amilcar Fuentes, a broker with Florida Capital Realty, and Joel Rodriguez of Global Investments Realty are co-listing the three lots at 456, 480 and 496 Northeast 29th Street. They’re zoned T6-36, which means that up to 36 stories with a bonus option and up to 150 units per acre can be built on the assemblage.

It’s being listed for about $685 per square foot.

The 26,880-square-foot site is next to Icon Bay, a Related Group development that was completed in July of last year. Fuentes told The Real Deal that the property has access to the public portion of Icon Bay Park.

“It’s basically the last developable lot on a waterfront site in Edgewater,” Fuentes told TRD.

Aventura-based Whitelight Group LLC owns the 14,280-square-foot property at 456 Northeast 29th Street. The LLC paid $1.35 million for the lot in 2012, according to Miami-Dade property records. Brennett Calliste owns the apartment building next door, which sits on a 6,300-square-foot lot. Calliste paid an undisclosed amount for it. And Global DC Export owns the third property, at 496 Northeast 29th Street. The company paid slightly more than $600,000 for the 6,300-square-foot lot in 2013.

Edgewater is home to projects such as Biscayne BeachAria on the Bay, Elysee, Spark, Bay House and the Crimson. In September, the founder of a Brazilian airline completed an Edgewater assemblage with the purchase of two properties for $4 million. And last week, a Canadian investor completed his non-waterfront assemblage on Northeast 27th Street for a total of $8.3 million.