Dezer picks up office building next to Intracoastal Mall

Mall property’s zoning allows for 2K resi units, 2.5M sf commercial

Mar.March 04, 2020 12:30 PM
Gil Dezer and 3909 Northeast 163rd Street (Credit: Google Maps)

Gil Dezer and 3909 Northeast 163rd Street (Credit: Google Maps)

Gil Dezer’s Dezer Development paid $15 million for a missing piece of a waterfront assemblage in North Miami Beach where he is planning a mixed-use project.

Property records show ASA College Inc. sold the three-story, 33,260-square-foot office building at 3909 Northeast 163rd Street, next to Dezer’s Intracoastal Mall. ASA provided a $7.5 million purchase money mortgage to Dezer.

“We wanted that piece to make the project that much better,” Dezer said, adding that the office building property does not add density to his plans to develop the overall site.

With the office building, Dezer’s assemblage totals 27.5 acres. Dezer bought the outdoor mall in 2013 for $63.5 million.

The Sunny Isles Beach developer has been working on plans for a major redevelopment of the Intracoastal Mall. Under a 2015 rezoning of the property, Dezer could build roughly 2,000 residential units, 2.5 million square feet of commercial space and buildings up to 40 stories tall on the east side of the property at 3501 Sunny Isles Boulevard, along the Intracoastal Waterway.

Dezer said the project is moving forward, and that the firm is on track to get its approvals for the redevelopment this year.

ASA College paid $4.6 million for the office building in 2013. It was built in 1987 on a 55,196-square-foot lot.

Dezer recently completed the Residences by Armani/Casa along with the Related Group. The 308-unit luxury condo tower at 18975 Collins Avenue is the first Armani/Casa-branded building in the U.S.

In December, the Federal Aviation Administration approved the height for another property Dezer owns at 18401 Collins Avenue at 749 feet above sea level and 743 feet above ground. Dezer said at the time that he is “years away from demolishing the hotel” on the site, but that it would eventually be developed into a luxury condo tower.

Dezer, who completed the Porsche Design Tower in 2016 also has projects in Orlando.

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