The Real Deal Miami

Surfside development site on Collins Avenue lists for $27M

The properties last sold for $11.5M between 2012 and 2014

January 15, 2016 03:45PM
By Katherine Kallergis

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Collins Avenue assemblage

Collins Avenue assemblage

A property assemblage across from the Surf Club Four Seasons in Surfside has hit the market for $27 million, or $626 per square foot for the land. 

Fabio Faerman

Fabio Faerman

The nearly 1-acre site, at 9040 Collins Avenue, includes four buildings and a parking lot on the dry side of Collins. It is being marketed as an investment opportunity for a luxury hotel, listing agent Fabio Faerman of Fortune International Realty/FA Commercial told The Real Deal.

Currently, the properties house 45 apartments. All together, they offer 250 feet of frontage on Collins Avenue and 50 feet on Harding Avenue. Faerman said the site is zoned for condo or hotel development – up to 108 hotel rooms and 79 residential units.

Miami-Dade County property records show the owners as LLCs managed by Jose Nicenboim of Aventura. The companies paid a combined $11.5 million for the Surfside properties between 2012 and 2014.

On the water side, Nadim Ashi’s Fort Partners, formerly Forte Capital Management, is developing the Four Seasons, a nine-acre development that includes an 80-room hotel, two 12-story residential towers, a private club, two restaurants, four swimming pools, cabanas, a gym, oceanside gardens and a park. That project topped off in June and is slated for completion during the second quarter of this year.

Fort Partners also owns property on the same block of the assemblage that is now for sale, property records show.

Surfside, which borders Bal Harbour, has seen an uptick in commercial sales. Benedict Realty Group in January paid $18 million for a bank and retail building on Harding Avenue and 96th Street. And nearby, Bal Harbour Shops has plans for a $400 million-plus renovation and expansion. The Whitman family owns the luxury retail development, and plans to add a new entrance, wider sidewalks, a new canopy, landscaping.

The Château Group is also in Surfside developing the Fendi Château Residences, at 9365 Collins Avenue, which topped off in August and is expected to open in June 2016.

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