A company tied to EPIC Hotel & Residences developers Ugo Colombo and Diego Lowenstein plans to sell a waterfront property adjacent to the luxury downtown Miami condo-hotel, The Real Deal has learned.
CBRE is marketing the 1.25-acre parcel at 300 Biscayne Boulevard Way to potential buyers. D&P Property Holding owns the site, which was originally set for development as EPIC’s second phase. State corporate records identify Colombo and Lowenstein, the CEO of Lionstone Development, as D&P’s managers.
D&P received City of Miami approval for a major use special permit in 2004. Under the permit, the property owner could construct a 609-foot building with up to 596 residential units. A new owner could also ask the city to change the property’s zoning so it reflects the current Miami 21 code, which would allow a maximum of 1,250 residential units, according to CBRE.
This is the last undeveloped waterfront parcel in downtown Miami, CBRE vice chairman Robert Given told The Real Deal. Given is marketing the property, along with senior vice president Gerard Yetming. They are being assisted by CBRE first vice presidents Christopher Apone and Zachary Sackley, vice chairman Charles Foschini and financial analyst Mary Kate Swann.
“This site is going to have a lot of attention drawn to it,” Given said.
The brokers are not listing an asking price, opting to let a market rife with recent land investment activity determine the property’s value. They have not set a deadline for offers yet.
“What’s really special about this property is the water frontage,” Yetming said. “You literally have yachts parked in front of the site that are worth hundreds of millions of dollars. It is already a gateway to billionaires in Miami.”