Edgewater condo building hits market as dev site

The building is marketed as a bulk purchase

TRD MIAMI /
Mar.March 12, 2020 01:35 PM
 Mike Fay, John Crotty, 2121 North Bayshore Drive (Credit: Google Maps)

Mike Fay, John Crotty, 2121 North Bayshore Drive (Credit: Google Maps)

An older condo building on a 3.4-acre waterfront site in Miami’s Edgewater neighborhood is hitting the market and could be redeveloped into a 60-story tower.

The older condo building, called Biscayne 21, at 2121 North Bayshore Drive, could be sold in a bulk deal. It represents one of the last remaining waterfront development opportunities in Miami’s Edgewater neighborhood.

The building is occupied by individual unit owners, but 90 percent of the unit owners have signed a listing with Avison Young, according to Michael Fay with Avison Young.

Bulk condo deals, also known as fractured deals, allow investors to take ownership of a condo complex by purchasing individual condo units en masse. As waterfront development sites become more scarce, the deals are becoming more popular as a means for developers to purchase land.

Sources said the building could sell for as much as $130 million to $150 million.

The property is being listed by Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais.

The property has 850 feet of water frontage with unobstructed views of Biscayne Bay and Miami Beach. The property is also near Margaret Pace Park and is close to the Venetian Causeway.

The site is zoned T6-36a, which allows for a residential tower with up to 517 residences and possibly 60 stories with bonuses. The existing condo building on the property was built in 1964.

Edgewater is seeing an influx of new apartment and luxury condo developments. OKO Group, led by Russian billionaire Vlad Doronin, is building the 57-story, 249-unit luxury condo Missoni Baia at 777 Northeast 26th Terrace. Meanwhile, Two Roads Development just topped off its 57-story waterfront Elysee luxury condominium at 788 Northeast 23rd Street in Miami.

A handful of fractured condo deals have closed in South Florida in recent years. In 2017, New York-based ESG Kullen paid $17.9 million, or about $151,500 per unit, for a bulk condo deal in Boynton Beach.

Axonic Properties, also of New York, picked up 224 units of a 385-unit complex in West Palm Beach for $13.75 million, or about $61,000 per apartment, in 2016.


Related Articles

arrow_forward_ios
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
The sales center, David Restainer and Reid Boren

Two Roads Development lists Elysee sales center for $6M

Two Roads Development lists Elysee sales center for $6M
Aria on the Bay with Carlos Melo of the Melo Group and Bernardo Fort-Brescia from Arquitectonica

Melo’s Aria on the Bay allegedly plagued with construction defects: lawsuit

Melo’s Aria on the Bay allegedly plagued with construction defects: lawsuit
Hamilton on the Bay and listing broker Rani Hussami

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater
Rendering of the project and Russell Galbut

Crescent Heights hits a snag with plan to develop high-rise Edgewater project

Crescent Heights hits a snag with plan to develop high-rise Edgewater project
(Credit: iStock)

Luxury condo prices drop in downtown Miami amid lockdown

Luxury condo prices drop in downtown Miami amid lockdown
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...