South Beach dev site with multifamily, retail hits market

The 1.4-acre site, at the southwest corner of Washington Avenue and 16th Street, includes multifamily and retail buildings

TRD MIAMI /
Sep.September 14, 2020 12:30 PM
1568 Washington Ave., Miami Beach (Credit: Google Maps)

1568 Washington Ave., Miami Beach (Credit: Google Maps)

A development site in the Flamingo/Lummus neighborhood of South Beach hit the market, and could sell for at least the mid-$30 million range, according to the listing brokerage.

The site includes seven multifamily and retail buildings on 1.4 acres at the southwest corner of Washington Avenue and 16th Street in Miami Beach. It includes 98 apartments and about 10,600 square feet of retail across 13 spaces, for a total of almost 64,000 rentable square feet, according to Marcus & Millichap, which has the listing.

The unpriced portfolio was built over 40-plus years by the owner, according to a release. The seven buildings are owned by Gladisco Inc., headed by Roberto Datorre, records show. The buildings date back as early as the 1920s.

Notable tenants include the Chalan on the Beach restaurant, the Bikini Chic swimwear store and a cyber cafe.

Marcus & Millichap’s Evan P. Kristol, Felipe J. Echarte and Marc E. Strauss have the listing. Kristol said in a statement that the firm expects the bulk of the interest from buyers to be “in the mid to upper $30 [millions].”

Several redevelopment projects are planned for Miami Beach’s Washington Avenue, including hotels and retail projects.

In July, Massa Investment Group bought the Paris Theater at 550 Washington Avenue for $13 million.

Among other recent commercial sales in South Beach, investor Jimmy Resnick sold a 16,441-square-foot retail building at 955 Alton Road in May for $9.25 million.






Related Articles

arrow_forward_ios
121 N Hibiscus Drive (Realtor)

Waterfront Hibiscus Island mansion sells for $8M

Waterfront Hibiscus Island mansion sells for $8M
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Jeffrey Soffer and Fontainebleau Miami Beach (Getty)

Fontainebleau Miami Beach’s $1B loan exits special servicing

Fontainebleau Miami Beach’s $1B loan exits special servicing
Developer Camilo Miguel Jr. and renderings of the project

Mast Capital wins initial approval for shorter Mid-Miami Beach condo project

Mast Capital wins initial approval for shorter Mid-Miami Beach condo project
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Miami Beach approves zoning change allowing for Aman tower

Miami Beach approves zoning change allowing for Aman tower
Miami Beach Mayor Dan Gelber and 1531 Stillwater Drive (Getty, Zillow)

Miami Beach slashes fines for illegal short-term rentals

Miami Beach slashes fines for illegal short-term rentals
Renderings of the project

Miami Beach board approves Generator hostel/hotel expansion

Miami Beach board approves Generator hostel/hotel expansion
Deauville Beach Resort

Deauville Beach Resort loses court battle tied to $400K judgment

Deauville Beach Resort loses court battle tied to $400K judgment
arrow_forward_ios

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

Loading...