Biscayne Boulevard dev site hits market for $11M

Zoning allows for multifamily-commercial development

Miami /
Mar.March 12, 2021 10:30 AM
A Biscayne Boulevard development site between Miami Shores and North Miami hit the market for $11M. (Jio Realtor)

A Biscayne Boulevard development site between Miami Shores and North Miami hit the market for $11M. (Jio Realtor)

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.





    Related Articles

    arrow_forward_ios
    Randy Walker with 60 Edgewater Drive (ExCo Group, Brown Harris Stevens)
    Gables Club developer Marc Kovens sells his penthouse
    Gables Club developer Marc Kovens sells his penthouse
    Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
    Coral Gables closing tops Miami-Dade’s weekly condo sales
    Coral Gables closing tops Miami-Dade’s weekly condo sales
    Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
    Lease roundup: Quest takes space at One Biscayne Tower & more
    Lease roundup: Quest takes space at One Biscayne Tower & more
    Matthew Baron and Alirio Torrealba
    MG Developer, partner score $148M loan for Hialeah apartments
    MG Developer, partner score $148M loan for Hialeah apartments
    Codina Partners’ Armando Codina and Ana-Marie Codina Barlick with 5350 Park condo project (Codina Partners, Getty)
    Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
    Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
    1600 Northeast Second Avenue (Loopnet, Getty)
    Sabet buys development site in Miami’s A&E District
    Sabet buys development site in Miami’s A&E District
    Truist Securities' John Gregg with 7600 Northwest 82nd Place (Truist Securities, JLL)
    Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
    Hot deal for cold storage: Truist buys, leases back Quirch Foods’ Medley site
    South Florida
    Home sales fall over 20% in August across South Florida
    Home sales fall over 20% in August across South Florida
    arrow_forward_ios

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

    Loading...