North Beach development site hits the market for $18M

CD-2 zoning allows for hotel, residential, retail and office

The development site near Ocean Terrace. (Dwntwn)
The development site near Ocean Terrace. (Dwntwn)

A development site in North Beach hit the market for $17.5 million.

The Gaeta family owns the 1-acre assemblage at 7410 Collins Avenue in Miami Beach. It includes a two-story building that is leased to CVS. The property is separated by a public alley.

“Very rarely do you see an acre of land come to market on Miami Beach,” said listing agent Skyler Marinoff of Dwntwn Realty Advisors. The property could be developed into 67,500 square feet of mixed-use development, including a hotel, short-term rentals, apartments, retail and office. The land is zoned CD-2 commercial and includes 7401, 7409, 7417 and 7425 Harding Avenue.

CVS has a triple-net lease expiring in 2026 for the 22,450-square-foot building on the corner lot, according to marketing materials. The property has a net operating income of nearly $179,000. The CVS was built in 1950.

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The late Miami businessman Leon Simkins sold the land to the Gaeta family in 1986 for $855,000, records show.

The assemblage is just west of the planned Ocean Terrace mixed-use development and north of the North Beach town center district. Developers who have purchased property there include Robert Finvarb, Crescent Heights and Pacific Star Capital.

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The Ocean Terrace site is expected to be developed into a 110-key hotel, a 58-unit luxury residential building, a 200-car parking garage and 18,000 square feet of retail.

Last week, Miami Beach commissioners approved a $3 million settlement agreement from the developers to end a dispute over floor-to-area ratio calculations.