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
    XBTO CEO Philippe Bekhazi and Two Roads Development's Reid Boren with 2955 Northeast Seventh Avenue (Google Maps)
    Cryptofinance firm buys waterfront commercial condo to move HQ to Miami
    Cryptofinance firm buys waterfront commercial condo to move HQ to Miami
    Robert M. White, Jr. and 2900 Northeast 24th Court in Fort Lauderdale (Compass)
    Real Capital Analytics founder buys waterfront Fort Lauderdale home for $5M
    Real Capital Analytics founder buys waterfront Fort Lauderdale home for $5M
    Scott Minerd and Biscayne Beach PH5101(left) and PH5102 (Twitter, Douglas Elliman)
    Guggenheim C-suite exec to relocate to Miami after buying penthouses at condo tower
    Guggenheim C-suite exec to relocate to Miami after buying penthouses at condo tower
    Commissioner Ken Russell and West Flagler principal Isadore Havenick (Photos via Getty, iStock, Zoom)
    Miami commission deals Edgewater jai alai site a winning hand
    Miami commission deals Edgewater jai alai site a winning hand
    Aerial of Edgewater property with Spider's Andres Goldenberg and Alejandro Eskenazi (Apex Capital Realty)
    Spider nixes plans for Edgewater condo project, disposes of dev site for $7M
    Spider nixes plans for Edgewater condo project, disposes of dev site for $7M
    A Biscayne Boulevard development site between Miami Shores and North Miami hit the market for $11M. (Jio Realtor)
    Biscayne Boulevard dev site hits market for $11M
    Biscayne Boulevard dev site hits market for $11M
    Norman Braman and Jorge Perez score court victory against Edgewater Jai Alai fronton
    Norman Braman and Jorge Perez score court victory against Edgewater Jai Alai fronton
    Norman Braman and Jorge Perez score court victory against Edgewater Jai Alai fronton
    Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)
    Urbanica completes $9M assemblage for Edgewater hotel
    Urbanica completes $9M assemblage for Edgewater hotel
    arrow_forward_ios

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

    Loading...