Development site in Miami’s A&E District asks $21M

Zoning allows 427 residential units to be built on the site

1550 Northeast Miami Place with Jordan Gimelstein (Credit: DWNTWNRealtyAdvisors,LLC)
1550 Northeast Miami Place with Jordan Gimelstein (Credit: DWNTWNRealtyAdvisors,LLC)

A development site in Miami’s Arts & Entertainment District near the condo building Canvas hit the market for $21 million.

The half-block property, at 1550 Northeast Miami Place, is in an Opportunity Zone. The Kluger family owns the 0.85-acre site, property records show. Jordan Gimelstein of Dwntwn Realty Advisors is listing the property.

Zoning allows for 427 residential units and up to 24 stories in height, plus more if a developer takes advantage of bonuses.

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The land is next to Miami Plaza, a 36-story tower at 1502 Northeast Miami Place that Melo Group is expected to complete this year. The project will include 437 apartments and 7,000 square feet of ground floor commercial space. Melo is one of the most active developers in the A&E District, which is north of downtown Miami and south of Wynwood. In addition to the multifamily projects it is already working on, Melo paid $28 million in December for a development site between 18th and 19th streets, west of Biscayne Boulevard.

The Kluger family’s property is also near Canvas, NR Investments’ 513-unit condo building at 1630 Northeast First Avenue; and Filling Station Lofts, another NR Investments project, at 1657 North Miami Avenue.