Edgewater development site hits market, could fetch more than $10M, broker says

Zoning allows up to 48 stories and 273,000 square feet of development

Jul.July 11, 2017 03:15 PM

1765 North Miami Avenue and Gerard Yetming

A development site in Miami’s Edgewater neighborhood has hit the market, and could fetch more than $10 million, according to the sales broker, The Real Deal has learned.

The vacant, 30,000-square-foot property at 1765 North Miami Avenue is listed by Colliers International’s Gerard Yetming, Mika Mattingly and Julian Zuniga. Though the land is being marketed without a price, Yetming told TRD he expects it to trade for $300 per square foot to $400 per square foot or $10 million to $12 million.

BDB Miami 2 LLC is selling the property as the final piece of an assemblage that BDB Capital, a partnership between Atlanta-based BDB Realty and Redwood Capital, began putting together about 10 years ago, Yetming said.

BDB, which is led by Michael Bisciottia, Jeffrey Weil and Ignacio Garcia Du-Quesne, originally planned to build a multilevel big-box retail building on the property, which is near the Arts & Entertainment District.

Yet in 2016, BDB sold the largest piece, a 7.35-acre site on the corner of Northeast Second Avenue and Northeast 17th Street, for $64 million to Rebuild Miami-Edgewater LLC, led by Richard and Stephen Meruelo. The developers had planned to build a mixed-used project that would include a Vīb brand hotel. Part of that deal was $34 million in seller financing, which led to BDB filing a foreclosure lawsuit against Rebuild early this year. The debt has since been paid off, Yetming said.

Now, BDB is looking to sell the final six parcels totaling 0.69 acres, with 120 feet of frontage on North Miami Avenue. The property is zoned T6-24 O, which allows up to 48 stories and 273,000 square feet of development. Allowable uses include residential, hotel, office and retail.

“With all of the expansion that happened already in Edgewater and the continued growth of Wynwood, combined with the continuing development of downtown and specifically All Aboard and Miami Worldcenter, it feels like this area really is getting closed in by major development, and it’s a good time to take a boutique site to market,” Yetming said. 

The site is nearby other residential projects planned or under construction, including Canvas, a 513-unit condo tower developed by NR Investments at 1630 Northeast Third Avenue, and Mill Creek Residential’s Modera Edgewater, a 297-unit apartment tower at Northeast Fourth Avenue between 24th and 25th streets. ASRR Capital is also planning a 1.7 million-square-foot mixed-use complex on a block-long swath of land at 18th Street and Northeast Second Avenue.

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