Edgewater development site on Biscayne hits market: $19.75M

Miami /
Feb.February 24, 2016 01:30 PM

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. 


Related Articles

arrow_forward_ios
Tonino Doino and Peter Saliamonas with Jimmy’s Eastside Diner
Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner
Jimmy’s Eastside Diner, featured in “Moonlight,” has a new owner
788 Northeast 23rd Street (Condo.com, iStock)
Elysee closing tops Miami-Dade’s weekly condo sales
Elysee closing tops Miami-Dade’s weekly condo sales
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Edgewater Tower (iStock)
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
The tower at 2150 North Bayshore Drive in Miami with Air Communities CEO Terry Considine and Mill Creek Residential CEO William MacDonald (Mill Creek Residential, Air Communities, iStock)
Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower
Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower
Edgewater Florida (iStock)
Here are the resi projects planned for Miami’s Edgewater
Here are the resi projects planned for Miami’s Edgewater
Aimco's Wes Powell with Edgewater (Aimco) Miami, High Rise
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
Aimco plans 60-story apartment tower on waterfront site in Miami’s Edgewater
A rendering of the planned project with the Two Roads principals Reid Boren, Taylor Collins and partner Jim Harpel (Two Roads Dev)
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
Two Roads closes on $150M bulk condo purchase in Edgewater, plans three towers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...