The Real Deal Miami

Miami River site near Beckham’s stadium hits the market for $11.8M

Blue Road planned to develop the 1.1-acre site, but listed it due to stadium buzz
By Katherine Kallergis | May 23, 2017 08:45AM

Miami River site. Inset: broker Jonathan Molano

Rendering of the Beckham stadium with Blue Road’s property on the bottom right

A development site along the Miami River was just listed for $11.8 million, near David Beckham’s planned Major League Soccer stadium, broker Jonathan Molano told The Real Deal.

The owner, Blue Road Properties planned to develop the 1.1-acre site at 600 Northwest Seventh Avenue, but because of the stadium decided to list it for sale. The firm is not in a rush to sell and if it doesn’t sell, Blue Road will develop it, Molano, of Blue B Properties, said.

Miami Beckham United plans to build an over $300 million, 25,000-seat stadium north of the Miami River site. The stadium design still lacks parking, and part of the Beckham group’s plan is to have a dinner-cruise boat transport fans to the river, which Molano said makes the property more desirable.

“It’s the only property left on the Miami River with 400 linear feet on more than one acre,” Molano said. It includes a private marina with 10 dock slips.

It’s on the market for about $250 per square foot.

Property records show Blue Road affiliate Miami River Property Dev LLC paid $6.7 million for the boat yard and marina in March of last year, which means the company now wants to sell it for 76 percent more. The company owns a number of hotels, and is also developing the Highlands condo project in North Miami Beach.

Several large-scale, mixed-use projects are planned for the historic waterway, including KAR Properties’ One River Point, a 60-story luxury condominium project designed by architect Rafael Viñoly; and the Chetrit Group, Ari Pearl and JDS Development Group’s plans for a mixed-use development with four towers, a hotel, shops, restaurants and a public river walk with boat slips.

Developer Andrew Hellinger is also planning to build River Landing, which would have 475 apartments and a five-story retail complex with 426,000 square feet of space. Farther up along the river, a 2.8-acre site at 2974 Northwest North River Drive hit the market and is under contract for close to its asking price of $5.6 million.