Investors pick up development sites in Allapattah and Miami River

Riverfront lot is just west of mixed-use River Landing project

Miami /
Mar.March 12, 2018 01:30 PM

1690 Northwest North River Drive and 1251 Northwest 36th Street

Two development sites on the Miami River and in Allapattah sold to developer Enrique Manhard and real estate entrepreneur Spencer Waxman, respectively.

Property records show Mapocho Development LLC sold the 1.55-acre waterfront lot at 1690 Northwest North River Drive to River and 16th Property LLC for 6.4 million. The buyer is controlled by Manhard, a developer in Hallandale Beach.

The site is zoned T6-8 O, which means it can be developed into at least an eight-story building with 150 units per acre, under Miami 21 zoning. The seller is controlled by Agustin Salas, an associate principal at Stantec. The property last traded for $5.8 million in 2005. It’s just west of the River Landing project, a mixed-use development that will include a riverfront park, 475 apartments and 426,000 square feet of space for retail stores and restaurants.

Manhard, an Uruguayan investor, is leading development of MG 100 Tower, a proposed mixed-use project with nearly 300 residential units on Federal Highway in Hallandale Beach. Estrella Perez of EP Realty Group Inc. represented the buyer and Paul Silverstein represented the seller.

Over in Allapattah, a company tied to hedge funder and real estate entrepreneur Spencer Waxman paid $6 million for a building at 1251 Northwest 36th Street. Centennial Express Inc. sold the 33,000-square-foot building to Edenderry Properties LLC, led by Spencer and Bettina Waxman.

The building sits on a 1.7-acre lot and is 78 percent leased to tenants that include Palm Medical Center and the Social Security Administration.

Cushman & Wakefield’s Miguel Alcivar, Dominic Montazemi, Tony Jones and Frank Begrowicz represented the seller and Scott Sime of Sime Realty Corporation represented the buyer, according to a press release.

The property could be redeveloped into a transit-oriented project in the future. It’s zoned T5-L, a type of limited mixed-use development, and T6-8 O, the same as the Miami River property.

It’s north of Robert Wennett’s assemblage and the Rubell Family Collection’s planned new art museum at 1100 Northwest 23rd Street. Other investors in the Miami neighborhood include Michael Simkins, and commercial broker Lyle Stern.


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