The Real Deal Miami

TBD Group sells Edgewater dev site on Biscayne Blvd. for $5M

Zoning allows 47-story tower with bonuses
By Katherine Kallergis | December 14, 2017 11:30AM

Fabio Faerman and 3200 Biscayne (Credit: Fortune International Realty/FA Commercial Advisors)

A Miami real estate investment and development firm just flipped a site in Edgewater for $5.24 million.

Property records show an affiliate of TBD Group, a Key Biscayne company owned by Miami architects Tamara and Bernadette Despujols and their parents Leonor Ortega and Claudio Despujols, sold the 0.37-acre lot at 3200 Biscayne Boulevard to Green Circle Development, led by Sexton E. Garcia.

It sold for nearly $330 per square foot.

The site is zoned T6-36a-O, allowing for up to 56 residential units and 112 hotel rooms, according to a release from the listing broker, Fabio Faerman of Fortune International Realty/FA Commercial Advisors.

Under current zoning, the corner lot could be developed into a 36-story tower, or rise up to 47 stories with bonuses.

Records show it last sold for $4.5 million in 2015, meaning it traded at a 16 percent gain. Bernadette Despujols said her family’s firm did not receive a lot of interest from potential buyers.