A rarity in Key Biscayne: commercial land hits the market for $21M

The last piece of vacant commercial land in Key Biscayne is hitting the market for $20.6 million, The Real Deal has learned.

The 1.4-acre property at 12 Crandon Boulevard, at the entrance to the Key Biscayne village center, is listed for sale with Manny Chamizo of One Sotheby’s International Realty. Property records show ES KB Partners LLC, tied to developer Eric Soulavy of Blue Jay Capital, owns the assemblage.

The site is on the market for about $340 per square foot. It’s zoned for low-density commercial development. Chamizo said a retail center or hotel could be built on the site. He’s in talks with Publix and other developers for the property.

ES KB paid $15 million for the site in 2015, according to property records. It was previously home to a strip mall, parking lot and restaurant that were torn down. That same year, Soulavy paid nearly $21 million for the office building at 240 Crandon Boulevard.

Soulavy co-developed 101 Key Biscayne, an 11-unit boutique condo project, about five years ago.

Key Biscayne, a sleepy village that connects to the city of Miami via the Rickenbacker Causeway, has few commercial properties on the market, according to Loopnet. The village is home to a number of high-end homes. In January, a Greek shipping family sold the waterfront Key Biscayne mansion at 250 Harbor Drive for $10.1 million.

Last summer, Canadian concert promoter Michael Cohl sold his waterfront mansion at 960 Harbor Drive for $20.6 million to José Antonio Cañedo White, a founding partner at Mexico’s Axis Capital Management.