The Real Deal Miami

Urbanica buys Edgewater site for mixed-use hotel

Developer planning 220-key hotel with retail and restaurant space
By Katherine Kallergis | October 05, 2018 11:30AM

3001 Biscayne Boulevard (Credit: Katherine Kallergis)

UPDATED, Oct. 5, 2:50 p.m.: A developer just picked up another property along Biscayne Boulevard with plans for a mixed-use project.

Urbanica Management paid $7.95 million for the 18,800-square-foot site at 3001 Biscayne Boulevard and 325 to 311 Northeast Fourth Avenue, according to a press release. The development firm, which owns Urbanica The Meridian Hotel in Miami Beach, will build an Urbanica 220-key hotel with retail and restaurant space, meeting space, a fitness center, bars and a game room. It plans to break ground in the first quarter of next year.

Rose Golden Trust sold the vacant land on Northeast Fourth Avenue, and 1300 Padron LLC sold the building fronting Biscayne, which is a shuttered Check Cashing USA store. Coldwell Banker’s Rosy Cancela represented the buyer and seller.

Charlie Porchetto of Urbanica said the project will be completed within 18 months of breaking ground, in 2020. The building will have 5,000 square feet of retail on the ground floor and a 7,000-square-foot rooftop bar and entertainment space.

Just last month, Edgewater investor Jose Afonso Assumpção sold a development site on 34th Street and Biscayne Boulevard for $11.5 million to a company tied to Jamie Mandel, president and general counsel of New York-based DLC, an owner, operator and manager of shopping centers.

And in August, 3H Group Hotels picked up the site of Limon y Sabor at 3047 Biscayne Boulevard with approved plans to build a 13-story, 137-key hotel.

A number of towers have recently been completed in Edgewater, including the Related Group’s Paraiso District and Two Roads Development and GTIS’ Biscayne Beach.