Downtown North Miami development site hits market for $5.9M
The 67k sf site can be redeveloped with 154 apartments
A development site at 545 Northeast 125th Street in downtown North Miami, which can be redeveloped as apartments, just hit the market for $5.9 million.
Zoning for nearly 67,000-square-foot property allows 160,000 square feet of apartments, or about 154 units, according to a release from Douglas Elliman. Elliman’s Brian Carter and Janet Ben-Zvi have the listing.
Property records show the seller is Stembridge Real Estate Co., run by John Stembridge. Stembridge Furniture currently occupies the 40,100 square feet of retail space at the corner of Northeast 125th Street and Northeast 6th Avenue.
North Miami is in the midst of redevelopment. In March, the planning and zoning board of North Miami Beach approved the construction of two 19-story apartment towers as well as a seven-story apartment building between Northeast 170th and 171st streets.
The city is also seeking to turn a 16-block area into Chinatown. The area would run along Northwest Seventh Avenue between 119th Street and 135th Street. In February 2016, North Miami passed a resolution designating a 93-acre commercial district as a “Chinatown Cultural Arts and Innovation District.” When a master plan for the area is complete, investors will be able to apply for state and federal incentives. Plus, the city will offer local incentives.
Other projects planned for North Miami include NoMi Senior Housing, to be developed by Blue Road Developers and the Upper Manhattan Development Corp. The two-building development, with an assisted living facility and a 175-unit apartment building dedicated to senior housing, is planned for 950 Northeast 124th Street and will be the first such project in the area. — Grace Guarnieri