South Miami site of Fox’s Lounge hits the market for $7.5M

Miami /
Aug.August 11, 2016 02:15 PM

About a year after South Miami’s Fox’s Lounge closed its doors, the property is hitting the market asking $7.5 million.

The listing includes two adjacent buildings and land in the rear. Known as Fox’s Plaza, the property is being marketed as a redevelopment opportunity in a retail market that has seen significant commercial activity in recent years and has new projects in the pipeline.

Listing broker Marcos Puente of Colliers International South Florida told The Real Deal he’s targeting mid-market developers and “anybody who’s looking to capture a piece of the South Miami market right now.”

The property has 165 feet of frontage along South Dixie Highway and comes with approved plans for two four-story, mixed-use buildings with retail, office and apartments. The existing buildings, at 7435 Southwest 61st Avenue and 6022-6030 South Dixie Highway, could also be turned into an adaptive re-use project. In all, the site has 48,350 square feet of land and 10,830 square feet of buildings.

When owner Rene Dahdah closed Fox’s last July, he told the Miami Herald he was planning to knock the buildings down and build a mixed-use project, potentially with a new Fox’s. The popular lounge, built in 1946, was open for 69 years.

Dahdah sold the Doral Professional Center last year for $6 million, and in May bought a unit in New York’s tallest tower for $9.6 million. Records show he paid $3 million for the South Miami properties.

Rents have increased by more than 30 percent along the South Dixie Highway corridor, according to a press release. Fox’s Plaza is sandwiched between South Miami Pharmacy and the mixed-use building at 5966 South Dixie Highway, completed in 2014. Just east of that property is the retail and office project currently under construction at 5998 South Dixie Highway, formerly the popular New Chinatown restaurant.

On the north side of U.S. 1, a developer purchased the lease for land near the South Miami Metrorail station in May. Treo Group paid $13 million for the site, which has a five-year development timeframe. South Dixie Highway also runs parallel to the planned Underline, a $120 million planned linear park and trail under the Metrorail tracks.

Puente also brokered the $9 million sale of a nearby Wendy’s, also fronting U.S. 1.


Related Articles

arrow_forward_ios
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
Developer Bill Hutchinson, seen here in court and alongside his mugshot (Getty, Highland Park Police Department)
Facing assault charges, developer sells Miami home, lists Cali properties
Facing assault charges, developer sells Miami home, lists Cali properties
10660 Southwest 40th Street (Google Maps)
Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
Project Renderings (Babba Joshua Yesharim)
Babba Joshua Yesharim plans residential project along Miami River
Babba Joshua Yesharim plans residential project along Miami River
Citywalk Apartments (Crexi)
Miami Beach investor buys apartment complex in Overtown Opportunity Zone for $12M
Miami Beach investor buys apartment complex in Overtown Opportunity Zone for $12M
Peebles loses $15M claim tied to allegations he was duped out of Miami Overtown project
Peebles loses $15M claim tied to allegations he was duped out of Miami Overtown project
Peebles loses $15M claim tied to allegations he was duped out of Miami Overtown project
The Dorsey project by Related Group in Wynwood and 2600 Sawgrass Mills Circle (Google Maps)
Lease roundup: New York hedge fund takes Miami space for second HQ, Sushi Maki expands to Fort Lauderdale
Lease roundup: New York hedge fund takes Miami space for second HQ, Sushi Maki expands to Fort Lauderdale
From top to bottom: Jeff Ardizon and Robert Suris of The Estate Companies and Joe Beard of Westdale (Westdale, Facebook via Soleste Blue Lagoon Luxury Apartments in Miami)
Estate Companies sells Soleste Blue Lagoon apartments in Miami for $94M
Estate Companies sells Soleste Blue Lagoon apartments in Miami for $94M
arrow_forward_ios

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

Loading...