Development site on Brickell Avenue hits the market for $10.5M
One of the last remaining vacant lots on Brickell Avenue hit the market this week. The price tag? $10.5 million.
The property is a 17,500-square-foot plot at 1870 Brickell Avenue, and it comes with plans for a luxury, 26-unit condo project, listing agents Alex Zylberglait and Dave Heaslip told The Real Deal.
At this stage in the cycle with condo sales and prices dropping, the site could also be marketed as a land banking opportunity, Zylberglait, a Marcus & Millichap investment broker, told TRD. The listing agents said they are already in talks with developers, as well as high net worth individuals.
“Because of the uniqueness and scarcity of land, we do believe that someone is going to take advantage of this,” he said.
The land is on the dry side of Brickell Avenue, across the street from Brickell Place condominium. It’s zoned T5-R, for up to a five stories and 26 residential units. The current plans call for underground parking, an active roof deck, and a total of nearly 80,000 square feet, according to the listing.
“The good news about this site is we’re not talking about a 200, 300 or 400-unit project,” Zylberglait told TRD.
Property records show Impex Caribe Corp., a company controlled by Carlos A. Saenz, owns the lot. Previous sales information was not available online, but the land is located along the southwest corridor of Brickell. Within walking distance is the new Atton Brickell Miami hotel, a $65 million development overlooking Simpson Park, as well as Le Parc, a luxury condo project. About a mile north are Brickell City Centre, Brickell Heights, SLS Lux and Brickell Flatiron.
“The markets will do what markets do,” Zylberglait said, but “Brickell Avenue is not going away.”