Biscayne Boulevard development site in Edgewater lists for $50M

3-acre assemblage includes commercial building, 54 apartments

Miami /
Feb.February 18, 2021 02:30 PM
3333 Biscayne Boulevard (Marcus & Millichap)

3333 Biscayne Boulevard (Marcus & Millichap)

UPDATED, Feb. 18, 6:05 p.m.: A nearly 3-acre development site in Miami’s Edgewater neighborhood hit the market for about $50 million.

The assemblage at 3333 Biscayne Boulevard was listed for sale with Marcus & Millichap broker Landy Toledo, asking $49.5 million. Property records show Miami Sunrise Properties LLC owns the 11 parcels on the east side of Biscayne Boulevard. They include 54 multifamily units and a Wendy’s commercial building. The 2.8-acre property, which stretches from Biscayne Boulevard to Northeast Fifth Avenue, between Northeast 33rd and 34 streets, generates an annual gross income of $919,000, according to marketing materials.

Toledo said the assemblage had previously been listed with another brokerage for a much higher price.

Jose Afonso Assumpção, founder of Brazilian airplane charter and sales company Lider Aviacão, controls Miami Sunrise Properties. The company has been assembling the development site since 2014, paying a total of $31.5 million for the property, records show.

Landy Toledo

Landy Toledo

The site could be developed into a 36-story tower, or up to a 60-story high-rise with bonuses, according to the marketing materials. It’s one of the largest remaining development sites in the Edgewater neighborhood.

By right, about 417 residential units could be built and up to more than 2 million square feet of new construction. Residential, office, hospitality and retail are allowed on the assemblage.

Toledo said he plans to target institutional and private investors.

Nearby, on the bayfront and 34th Street, Aimco paid nearly $90 million for the Hamilton on the Bay apartment building in August.

Edgewater-based Crescent Heights, led by Russell Galbut, is planning a major mixed-use development down the street. A city of Miami board approved Crescent Heights’ plans for a 38-story tower at 2900 Biscayne Boulevard in October.




    An earlier version of this story stated an incorrect price paid for the assemblage. 


    Related Articles

    arrow_forward_ios
    A photo illustration of J.J. Rendon and Elysee Miami (Getty, Elysee Miami, Oficialjjrendon, CC BY-SA 3.0 - Wikimedia Commons)
    Venezuelan political activist J.J. Rendón buys Miami Penthouse for $15M
    Venezuelan political activist J.J. Rendón buys Miami Penthouse for $15M
    First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
    Damaghi family buys resi tower dev sites next to MiamiCentral
    Damaghi family buys resi tower dev sites next to MiamiCentral
    French soccer player Paul Pogba and a rendering of Aria Reserve Miami in Miami's Edgewater neighborhood (Getty, Melo Group)
    Consolation prize? Soccer pro Paul Pogba buying Miami condos
    Consolation prize? Soccer pro Paul Pogba buying Miami condos
    Focus’ Tim Anderson and the purchased development site at 128 Southwest Seventh Street in Miami’s Brickell neighborhood (Work with Focus, Google Maps)
    Focus pays $28M for Brickell apartments development site
    Focus pays $28M for Brickell apartments development site
    Two Roads Development's Taylor Collins (Getty, Two Roads Development)
    Two Roads’ Taylor Collins on slowdown, rising interest rates
    Two Roads’ Taylor Collins on slowdown, rising interest rates
    From left: Jon Paul and Jorge Pérez with 1650 NE 124 Street (North Miami Florida,
    Pérez’s Related scoops up multifamily dev site in North Miami
    Pérez’s Related scoops up multifamily dev site in North Miami
    Juan Carlos Cachoua and 2699 Biscayne Boulevard (Dwntwn Realty Advisors, Twitter)
    Mexican restaurateur sells Edgewater development site for $21M
    Mexican restaurateur sells Edgewater development site for $21M
    Turnberry's Rock Soffer, Native Construction's Gaudi Castro and Cade Capital's Jose Vizcarrondo with 123 and 137 Northeast 79th Street (LinkedIn, Cade Capital Partners, Google Maps)
    Rock Soffer, partners bet on Little River multifamily
    Rock Soffer, partners bet on Little River multifamily
    arrow_forward_ios

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

    Loading...