Former Miami River strip club on the market – nightclub license included

Could be developed into a 250-room hotel with two floors of office or retail space

TRD MIAMI /
Feb.February 29, 2016 01:30 PM

Miami River development site

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.

 

Related Articles

arrow_forward_ios
Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

1160 Northwest North River Drive and Yolymiler Diaz (Credit: Google Maps and LinkedIn)

Miami River apartments sell amid development boom

Michael Adler and a rendering of Miami Riverside Center  

Miami commissioners approve Adler’s mixed-use project on city property

A rendering of the project and Joseph Chetrit

Chetrit scores loan for Miami River project, buys out JDS stake

(Credit: Google Maps and iStock)

City rezoned their neighboring property, and now Miami River homeowners are getting the same treatment

Rendering of the project, Avra Jain and Bob Zangrillo

Avra Jain teams with Bob Zangrillo on $200M mixed-use project on Miami River

Michael Fay, John Crotty, David Duckworth of Avison Young with 99 Riverside

Miami River site in Brickell hits market, could sell for $90M, broker says

arrow_forward_ios