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Gomez Development, Avenue 4 list Miami River assemblage for $25M
1.8-acre dev site is approved for 40 luxury townhomes
Gomez Development and Avenue 4 are asking $25 million for a Miami River assemblage that is primed for a townhome community, The Real Deal has learned.
Arthur Porosoff with Porosoff Group is listing the 1.8-acre development site at 1515, 1529 and 1543 Northwest South River Drive. Coral Gables-based Avenue 4, led by Fausto Callava and Antonio Pardo, paid $3.8 million for three lots in 2014. Avenue 4 obtained a zoning change from the City of Miami in 2018 changing the designation from single-family residential to multi-family zoning. Avenue 4 partnered with Miami-based Gomez Development, led by Marlon Gomez, in 2020.
The assemblage comes with city of Miami site plan approval for Miami River Cove, a planned community of 40 luxury townhouses and 14 50-foot boat slips, an offering states. The project would cost an estimated $16.8 million to build.
The 40 townhomes would generate $77.6 million in estimated sales, with an estimated profit of $23.4 million, the offering states. The townhomes would feature two- and three-bedroom units at three stories each with roof terraces. The total estimated sales break down to an average sale price of nearly $1.7 million each.
Development along the Miami River Is booming, with a dozen projects in various stages that would add 10,500 condos and apartments.
Urban-X, a Coral Gables-based firm, is planning MidRiverVu, a 475-unit tower on 2 acres at 1411 Northwest North River Drive. In 2019, Urban-X paid $11 million for five lots that are adjacent to River Landing, a 2.2-million-square-foot mixed-use project also built by the same firm.
On a 0.7-acre site at 230 Southeast Third Street, Miami-based Adler Group is planning Nexus Riverside 1B, a 345-unit multifamily high-rise with a 393-space parking garage. In 2015, Adler paid $14.3 million for the property.
Recently, Harvey Hernandez’s Newgard Development Group broke ground on Lofty Brickell, a 44-story condominium that is the first of three towers planned for 99 Southwest Seventh Street. The 1.6-acre planned complex will be known as One Brickell Riverfront. In 2021, Newgard paid $50.5 million for the development site.