Denny’s sells Edgewater restaurant dev site in Miami for $24M

Buying entity managed by Aria Mehrabi of Pacific Star Capital

Miami /
Jan.January 13, 2022 12:30 PM

A photo illustration of 3600 Biscayne Boulevard in Miami (LoopNet, iStock)

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.

Chicago-based Trilogy Real Estate Group plans a 20-story multifamily tower on the site of miniature soccer fields it purchased in Edgewater in December for $12.5 million.

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.





    Related Articles

    arrow_forward_ios
    Joel L. Altman, chairman and co-chief executive officer; Seth M. Wise, co-chief executive officer; and rendering of the Altís Blue Lake apartment community being developed in Palm Beach County, near Wellington and Lake Worth Beach (Altman Companies)
    Altman pays $14M for golf course development site near Lake Worth Beach
    Altman pays $14M for golf course development site near Lake Worth Beach
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    Miami-Dade office vacancies plateaued in 2021, while asking rents kept rising
    From left: Sela Ward, David Beckham, Victoria Beckham, and Lucy Guo (Getty Images, 1000Museum.com)
    Here’s who bought — and sold — condos at One Thousand Museum in Miami
    Here’s who bought — and sold — condos at One Thousand Museum in Miami
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
    Charles Kushner, Nicole Kushner Meyer and Laurent Morali with a rendering 1900 and 2000 Biscayne (Kushner Companies)
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    Kushner, partner buy missing piece of Edgewater multifamily dev site
    1029, 1035 and 1043 94th Street in Bay Harbor Islands, FL (Google Maps)
    New York broker pays $8M for Bay Harbor Islands apartments
    New York broker pays $8M for Bay Harbor Islands apartments
    From left: Joel Rodriguez (seller) and buyers Michael Konig, Louis Birdman, Kevin Venger and Alex Posth (729 Edge Miami, One Thousand Museum, Impact Wealth)
    Developers of One Thousand Museum look-alike close on portion of Edgewater site
    Developers of One Thousand Museum look-alike close on portion of Edgewater site
    554 Lakeview Dr, Miami Beach and Jarett Fein (Zillow, KV National)
    Title insurance honcho pays $15M for restored waterfront Mid-Miami Beach house
    Title insurance honcho pays $15M for restored waterfront Mid-Miami Beach house
    arrow_forward_ios

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

    Loading...