The Real Deal Miami

Edgewater development site on Biscayne hits market: $19.75M

Zoning allows heights of up to 36 stories or up to 60 stories under the city's public benefits program

February 24, 2016 01:30PM
By Katherine Kallergis

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2699 Biscayne Boulevard

2699 Biscayne Boulevard

As land sales reach record per-square-foot highs, a redevelopment site in Edgewater has been listed for sale for $19.75 million or about $475 a square foot. 

The property, at 2699 Biscayne Boulevard, is one of the few remaining large development sites in the Edgewater neighborhood with frontage on Biscayne, listing agent Ryan Shaw told The Real Deal. The 0.95-acre site is zoned for up to 143 units and nearly 500,000 buildable square feet, according to Marcus & Millichap marketing materials.

Shaw, who is co-listing the property with Al Palacios, said there about nine projects underway with more than 2,500 units in the area that will “increase demand for retail space.”

As it stands, the development site at 2699 Biscayne Boulevard includes a 15,000-square-foot retail center with tenants Papa John’s, Rincon Escondido restaurant, Unique Superbikes and Vape & Smoke Shop; as well as six apartment units. The property has an annual income of about $300,000, according to Marcus & Millichap.

The zoning is T6-36-A-O, which allows heights of up to 36 stories or up to 60 stories under the city’s public benefits program. Property records show that Biscayne Rentals LLC is the owner. The company, based in Brickell, paid about $4.5 million for the retail center portion in 2013.

Projects in Edgewater this cycle include 26 Edgewater, Biscayne Beach, Aria on the Bay, Elysee, Spark, Bay House, Icon Bay and the Crimson.

Earlier this week, the property two blocks south at 2501 Biscayne Boulevard sold for $13 million or about $503 per square foot. That lot, which is across the street from a planned 156-unit apartment tower and a new Melo Group condo tower, is also zoned for up to 36 stories under the Miami 21 code.

Shaw called the sale a “game-changer” for the area.

An earlier version of this article incorrectly identified the property’s previous sale price. The retail portion last sold for $4.5 million in 2013, not the entire assemblage.