Denny’s sells Edgewater restaurant dev site in Miami for $24M
Buying entity managed by Aria Mehrabi of Pacific Star Capital
Developer Aria Mehrabi bought an Edgewater Denny’s restaurant and parking lot for $24 million, likely for redevelopment.
An entity managed by Mehrabi, who is co-founder and CEO of Santa Monica, California-based real estate firm Pacific Star Capital, bought the eatery at 3600 Biscayne Boulevard and the lot at 221 Northeast 36th Street from Denny’s, records show.
The land totals 1.2 acres. The 4,889-square-foot Denny’s building was constructed in 1968, according to property records.
The site’s zoning allows for a building of up to 24 stories and 150 units per acre, although more units could be added as a density bonus, according to city of Miami zoning information.
Mehrabi did not immediately return a request for comment about plans for a project.
The Edgewater neighborhood has been experiencing a development boom in recent years, as many of the low-rise multifamily buildings and older houses have been razed to make way for high-rises.
Although most of the condominium developments have sprung up on the east side of Biscayne Boulevard, more recently developers have focused on the west side of the neighborhood.
Also, a joint venture of Skylight Real Estate Partners, Panther Capital Management and Arden Group paid $20 million for a church building, with plans to build a 40-story, 364-unit apartment building.