The Real Deal Miami

Dezer buys Publix-owned site in Sunny Isles Beach, may plan condo tower

Deal is part of an assemblage of waterfront land totaling 4.5 acres
By Amanda Rabines | October 19, 2018 05:30PM

Gil Dezer and land previously owned and/or currently owned by Publix, marked in yellow, while Dezer’s long-time owned properties are marked in red

Gil Dezer’s Dezer Development just closed on another piece of Sunny Isles Beach real estate – indicating the Porsche Design Tower developer may be embarking on yet another condo project in the area.

Property records show an entity tied to Dezer Development bought nearly an acre of waterfront land at 18320 Collins Avenue from Publix Super Markets for $31.7 million. Publix will retain ownership of the adjacent site of its recently renovated supermarket.

Since Dezer Development also owns land immediately to the north, the company now controls roughly 4.5 acres of land with significant frontage on the Intracoastal Waterway. Documents filed with Miami-Dade County indicate that Dezer Development may be planning a condo tower with a marina component on the parcel.

Dezer said in a statement that plans for new buildings are still under consideration. “We are still finding out the best use of the newly acquired property and the adjacent property that we have owned for about 20 years,” he said.

Records show Publix bought the land for $1.36 million in 1998.

Dezer previously told The Real Deal that the property features 13 acres of submerged land, which could be developed into a marina. He also mentioned a strong demand for product in the $500,000 to $1 million range in the western side of Sunny Isles Beach.

More and more multimillion-dollar condos are flooding Sunny Isles Beach. There is currently a 17-year supply of condos priced at $5 million or more in Sunny Isles, according to a recent report by EWM Realty International.