The Real Deal Miami

Brickell co-op hits the market

Alta Developers offers to pay $65M, contingent on rezoning to allow 48 story-tower
March 02, 2018 04:30PM

1430 Brickell Bay Drive (Credit: Avison Young)

A 13-story co-op building in Miami’s Brickell neighborhood has hit the market unpriced, and has already drawn an offer from Alta Developers’ Henry Pino.

According to the South Florida Business Journal, Pino has offered to pay $65 million for the 66,000-square-foot site at 1430 Brickell Bay Drive. But the offer is contingent on the city rezoning the property to increase the height limit to 48 stories, which would allow for 300 residential units. The property’s current zoning allows for 275 units in 12 stories, according to the publication.

The 98-unit co-op building along Biscayne Bay is listed with Avison Young’s Michael Fay, John Crotty and David Duckworth. More than 70 percent of the co-op owners said they would sell for the right price, according to the Business Journal.

Alta also developed the 19-story mixed-use rental tower at 2500 Biscayne Boulevard in Edgewater, and is developing the 13-story mixed-use project at 3900 Biscayne Boulevard, planned for the former home of ABC affiliate WPLG-10. [SFBJ] – Amanda Rabines