The Real Deal Miami

FPL puts 69-acre Palmetto Bay waterfront site on market

The site is one of the largest undeveloped waterfront properties in Miami-Dade County
By Keith Larsen | August 24, 2018 04:30PM

Michael Fay, Avison Young Managing principal and Cutler Plantation

Florida Power & Light is putting a 69-acre waterfront property in Palmetto Bay back on the market where it will likely go for at least $50 million, sources said.

Once home to a power plant, the property at 6525 Southwest 152nd Street is one of Miami-Dade County’s largest undeveloped waterfront properties. The site, known as Cutler Plantation, could be the site of a luxury home development, according to FPL’s website. Property records show it is currently zoned for 1-acre estate homes.

Avison Young Capital Markets Group’s Michael Fay, John Crotty, David Duckworth, Jay Ziv and Brian de la Fé, are the listing agents. Fay, the principal and managing director of Avison Young’s Miami office, said the team started marketing the site a few weeks ago.

The Palmetto Bay property sits on Biscayne Bay close to the Deering Bay Yacht and Country Club and adjacent to the Deering Bay Estates, where homes are valued at over $1 million. It is also near the Charles Deering Estate. The site will likely fetch between $50 million to $70 million, sources said.

A call to an FPL spokesperson was not immediately returned.

The property is hitting the market after a previous proposal by CalAtlantic to build 600 luxury homes and a private marina fell through due to concerns over the density of homes CalAtlantic was proposing to build, according to sources.

A spokesperson for Lennar, which acquired CalAtlantic earlier this year, did not immediately return a request to comment.

CalAtlantic’s predecessor, Standard Pacific Homes, also previously tried to buy the 69-acre FPL site in 2013, when it was originally marketed for sale with an asking price of $60 million, but that deal also fell through over concerns that the soil beneath the land was contaminated, according to published reports.

The Palmetto Bay property was settled by William C. Cutler and originally used as a fruit and vegetable plantation. Then in the 1940s a power plant was built on the site until FPL decommissioned the plant in 2012 and it was torn down in 2013.