A multifamily and commercial development site along Biscayne Boulevard near North Miami hit the market for $10.5 million.
Owner Alex Silberman purchased the 3.2 acres of land at 11240 Biscayne Boulevard in August 2012 for $2.9 million from Biscayne 114 Center of New York, property records show.
The asking price shows a significant uptick in valuations since then.
Colliers’ Gerard Yetming, Julian Zuniga and Mitash Kripalani listed the land for sale on behalf of Silberman.
The Biscayne Boulevard site has two different zonings, as 2.17 acres is designated for 10 to 21 multifamily units per acre, and the remaining 1.06 acres is designated for a commercial use such as retail, according to a press release.
Yetming said in the release that the site is centrally located and comes at a time when the multifamily market is doing well.
Across South Florida apartment rents have increased by roughly 3 percent on average annually from 2015 to 2020, according to Colliers. In Northeast Miami, rents have increased by 1 percent over the same time period.
The area surrounding the site, in unincorporated Miami-Dade County between Miami Shores and North Miami, is seeing some redevelopment. Immediately south of the site, New York-based AMAC is finalizing construction on the 402-unit Biscayne 112 multifamily project, with the first move-ins expected in the coming months.
North of there, in North Miami Beach, Estate Companies will develop a 23-story multifamily tower called Soleste NoMi.