Biscayne Boulevard development site in Edgewater lists for $50M

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

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.