The Real Deal Miami

Development site in Miami’s A&E district hits the market for $14M

Price breaks down to $480 psf for the land, $42k per buildable unit
By Katherine Kallergis | January 05, 2017 02:25PM

Street view of the land. Inset: Listing broker Louis J. Gallo

A development site in Miami’s Arts & Entertainment district hit the market in late December for $14 million.

The 0.67-acre property at 45 Northeast 16th Street is a block away from Canvas, a 37-story condo tower under construction. Property records show PLS Realty Inc. owns the three parcels that are for sale. The company is controlled by Leif and Nancy Griffin, who own High Seas Trading, a marine supply store based out of the 11,950-square-foot building.

PLS Realty paid $1.72 million for the property in 2004, a price that breaks down to about $144 per square foot for the building and $59 a foot for the land. Now, the owner is looking to make $481 per square foot off of the land, according to a CoStar listing. Louis J. Gallo of the Keyes Company and Andrea Rusyte are listing the development site.

Land prices have skyrocketed in the Arts & Entertainment district, formerly known as the Omni. In January 2015, a vacant 7.4-acre lot on the corner of Northeast Second Avenue and 17th Street set an area record when it sold for $64 million, or $199 per square foot.

The newly listed parcels’ T6-24-O zoning designation allows for up to 335 multifamily units and a maximum of 24 stories on the site under Miami 21, according to marketing materials. That means the $14 million asking price breaks down to $41,790 per unit. Hotel and office projects could also be built, including up to 670 hotel rooms or 203,700 square feet of office space. Combining the uses would alter what can be built on the property.

Developer J. Milton & Associates owns the adjacent land on the same block as the High Seas Trading store. J. Milton’s Arts Luxury Rentals LLC paid $7.3 million in 2015 for the rest of the block, which is nearly 1 acre.

NR Investments is developing the nearby Canvas, which scored $70 million in construction financing early last year. The a 513-unit building will rise at 1630 Northeast First Avenue.

TRD Researcher Eda Kouch contributed to this report.