Surfside redevelopment site up for sale at $13.5M
A Surfside condo building being marketed as a redevelopment opportunity is up for sale with a minimum bid of $13.5 million.
The mid-rise building houses 12 units and is located at 8900 Collins Avenue on the street’s non-waterfront side.
It’s down the block from Fort Capital Management’s upcoming Surf Club Four Seasons project, as well as the oceanfront condo building that Alex Sapir, Rotem Rosen and the Suzer Group agreed to buy for $40 million in April 2015.
Jeff Cohen of Avatar Real Estate Services, who is listing the property, told The Real Deal that the building’s owners and condo association have all signed off on the listing. Their proceeds from the sale will depend on their respective ownership shares in the building.
He’s hosting an open bid for the property that ends March 28. Once potential buyers put down a 5 percent deposit and provide proof of funds, the building owners will decide on a winner.
Cohen, who has worked on other Surfside deals like JMH Development’s $55 million bulk condo acquisition, said he envisions three options for a buyer: renovating the roughly 15,000-square-foot building as it stands, building a new parking and pool structure on the lot’s western side, or buying this and the adjoined buildings to the north for a much larger development project.
The small town of Surfside has exploded with new development in recent years. Big-name real estate firms like the Chateau Group, Fort Capital Management and JMH Development have all chosen the neighborhood for major residential and mixed-use projects. Land prices in Surfside have surged as a result, with aging apartment buildings now commanding price tags in the tens of millions of dollars.