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

Miami /
Jul.July 11, 2017 03:15 PM

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.


Related Articles

arrow_forward_ios
Bay Park at 3301 Northeast Fifth Avenue (Google Maps)
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
Investment firm makes $130M offer for 60-year-old Edgewater condo complex
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
A rendering of the project and Nicole Kushner Meyer (Kushner)
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
Jose Luis, Martin and Carlos Melo with renderings of Aria Reserve (Melo Group)
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
Arch Companies founders Jeffrey Simpson, Jared Chassen and Infinity's David Berg. (Google Maps, Infinity, Getty)
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
Arch, Infinity JV to build mixed-use multifamily tower in Miami’s Edgewater
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
arrow_forward_ios

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

Loading...