The Real Deal Miami

Edgewater investor sells development site on Biscayne Boulevard

37k sf property last sold for $7.6M in 2013
By Katherine Kallergis | September 27, 2018 03:30PM

264 Northeast 34th Street and Jose Afonso Assumpção

An Edgewater investor sold a development site on Biscayne Boulevard and 34th Street in Miami to a company tied to DLC Capital Management.

Miami Sunrise Properties, led by Jose Afonso Assumpção, sold six contiguous parcels at 234, 242, 250, 254, 264 and 272 Northeast 34th Street for $11.5 million to 3350 Biscayne LLC. The buyer lists a mailbox at a UPS Store in Miami Beach that’s tied to Jamie Mandel, president and general counsel of New York-based DLC, an owner, operator and manager of shopping centers. Mandel did not respond to a request for comment.

The property, which consists of mostly vacant land and one 2,900-square-foot building, last sold for $7.6 million in 2013. It was listed with Keiti Silva of Optimar International Realty.

Assumpção owns Lider Afonso Assumpção, a major aircraft charter and sales company in Brazil. His Miami Sunrise Properties sold the 37,000-square-foot site, which was previously being marketed for sale as “The Boulevard,” a boutique luxury condo building designed by Bernard Zyscovich. The listing stated that the site was zoned for 150,510 square feet, 16 stories high, with more than 130 commercial or residential units.

Assumpção’s company also owns the Wendy’s property across the street at 3333 Biscayne Boulevard, which was not included in this deal. In 2013, he sold nearly a block of land in Brickell for $20.25 million to Alliance Residential Company.

The Edgewater assemblage that just sold is near the Related Group’s Paraiso District, where closings are underway. The bayfront development includes more than 1,400 condo units. Crescent Heights, led by developer Russell Galbut, also owns a number of buildings along Biscayne Boulevard in Edgewater.