The site of the former Stiletto Gentlemen’s Club along the Miami River has been listed for sale for $4.8 million.
Alex Zylberglait
The 1.3-acre riverfront lot, at 3615 Northwest South River Drive, includes a liquor license and adult nightclub license, Alex Zylberglait, senior vice president of investments for Marcus & Millichap’s Miami office, told The Real Deal. Zylberglait and Marcus & Millichap broker Dave Heaslip are co-listing the mixed-use property, which currently houses a 10,722-square-foot building.
Potential uses include a 250-room hotel with two floors of office or retail space, according to marketing materials. Per square foot, the asking price breaks down to $82 for the land and about $448 for the building.
Zylberglait, who focuses on investment properties between $1 million and $20 million, told TRD he is marketing the property to investors, as well as developers. He cited activity surrounding Miami International Airport – like the Element hotel at 3525 Northwest 25th Street and the new Hyatt Hyatt Place Miami Airport East – as to why the property is a good investment.
Miami-Dade County records show Central Espanol Holdings LLC. Marta Yee manages the Miami-based company, which paid $2.5 million for it in 2008. Other riverfront land for sale includes a 6.3-acre vacant development site at 1001 Northwest Seventh Street, which has more than 1,000 feet of river frontage.
The Miami River has seen an influx of residential projects, as well as new restaurants, retail and offices. One River Point, a 60-story condominium designed by architect Rafael Viñoly, launched sales in the fall, with prices starting at $750,000. Adler Group also purchased a development site next to the river in August, and Mill Creek closed on $52 million in financing for the developer’s planned 59-unit Modera River House project.