Cafe owner cashes out with $13M sale of Edgewater eatery

Property's zoning allows for up to 36 stories of development

TRD MIAMI /
Feb.February 23, 2016 03:45 PM

The owner of Edgewater’s Latin Cafe 2000 Biscayne just sold his restaurant of 12 years to an investor.

Located at 2501 Biscayne Boulevard, the restaurant occupies a small single-story building right across the street from an upcoming 156-unit project from partners Alta Developers, Strategic Properties and Greystone.

The cafe was sold by restaurant owner Jose R. More, who originally paid $1.45 million for the 5,194-square-foot building in 2004. Over time, he added an additional two parking parcels to his collection for a combined $1.075 million.

Altogether, the land included in the deal totals 25,851 square feet. Its T-36-A zoning allows for up to 36 stories under the Miami 21 code, or up to 60 if a potential developer enrolls in the city’s public benefits program by either making a payment to the program or by building a “public benefit” as part of the development.

The buyer is a Florida limited liability company called 35 Oak US4, managed by William Wiener. Its unclear what Wiener plans to do with the Biscayne property, but other companies managed by him have purchased six residential properties in the 400 block of Northeast 27th Street within the last year. Those properties are directly across the street from Melo Group’s newly built Bay House Miami Residences condo tower.


Related Articles

arrow_forward_ios
295 18th Street (Credit: Google Maps)

Edgewater condo tower’s retail space sells for $15M

Mike Fay, John Crotty, 2121 North Bayshore Drive (Credit: Google Maps)

Edgewater condo building hits market as dev site

Rendering of Missoni Baia with a concrete truck and Vlad Doronin (Credit: Getty Images and iStock)

5,800-ton concrete pour set for Missoni Baia condo tower

Elysee building at 788 Northeast 23rd Street

Edgewater’s tallest building tops off at 57 stories

Vlad Doronin and a rendering of Missoni Baia (Credit: Wikipedia Commons and Missoni Baia)

Vlad Doronin, partners score $243M loan for Edgewater tower

Kushner Companies' Charles Kushner and Laurent Morali

Inside Kushner Companies’ $1B expansion into South Florida

Rendering of the Edgewater Holiday Inn pool

Bank OZK lends $28M for Holiday Inn project in Edgewater

Alex Sapir and the site at 1768 Northeast Second Court (Credit: CBRE)

Alex Sapir’s massive Opportunity Zone site in Miami hits the market

arrow_forward_ios
Loading...