UPDATED, Nov. 15, 8:47 a.m.: A South Florida family is looking to cash out on a waterfront development site in North Miami.
The Mid Bay Club Apartments, a 34,275-square-foot site at 11950 North Bayshore Drive, hit the market with brokers Mika Mattingly and Cecilia Estevez of Colliers International South Florida, Mattingly said.
Property records show an LLC controlled by William R., William E. and Eileen Prevatel, and Patricia Wood, own the property. It includes a 27-unit apartment building completed with one and two-bedroom units. It was built in 1964.
The building is generating $470,000 a year in gross income. Comparable properties have sold for $400 to $500 per square foot, Mattingly said. Based on an average of $450 per square foot, the site could trade for roughly $15.4 million. Mattingly said she expects it sell for a higher price because of the property’s wide bay frontage.
It’s zoned B-Z, which stands for Bayshore Zone, and allows 100 units per acre, or 90 units for that specific property. The zoning also allows for 115 feet, or roughly 11 stories, with over 200,000 square feet of development, according to a release.
Mattingly called it “the only covered land play” in the area, meaning the only income-producing development site on the water in North Miami. A buyer could also assemble land to the north and south to build a larger project.
The building last sold in 2011 for $1.5 million, records show.
The property offers views of Indian Creek Village, Bay Harbor Islands and North Bay Village. North Miami is going through a renaissance, Mattingly said. A number of projects are underway, including LeFrak and Turnberry Associates’ $4 billion Solé Mia project, which is located on 184 acres in a designated Opportunity Zone.
Former NFL player Elvis Dumervil has assembled more than 700 apartment units in North Miami and North Miami Beach.
Miami Heat veteran Udonis Haslem is also partnering with a developer to build a 134-unit rental apartment project for low-income residents of North Miami.