Developers picked up a 0.7-acre assemblage in Miami’s Edgewater, as South Florida development site purchases continue, despite elevated interest rates and macroeconomic headwinds.
Bay Harbor Islands-based Art + Tec Development, led by Gabriel Boano, and partner Silvio Caprino bought the five adjacent lots at 2650 Biscayne Boulevard and 250 Northeast 27th Street, as well as 245, 255 and 265 Northeast 26th Terrace, for $13.5 million, according to the seller’s brokers. The sellers are entities led by Neal Sandberg and Roger Schindler.
Miguel Pinto and Adriano Salucci of Apex Capital Realty represented the sellers. Juan Alvarez of BlokHaus Real Estate + Investments represented the buyers.
Boano declined to disclose preliminary development plans, saying Art + Tex is yet to fully hammer out a project proposal.
The site allows for a 36-story building spanning 363,000 square feet by right, with 103 condos or apartments, according to Pinto. The by right development potential for a condo-hotel increases to 206 units. The buyers have explored the option of building a condo-hotel, Pinto and Salucci said, though Boano reiterated that plans aren’t final.
The property now consists of three two-story office buildings, a parking lot and a single-family home, records show.
Art + Tec is both a real estate development and investment firm, listing projects throughout Miami-Dade County, including single-family homes in Golden Beach, Bay Harbor Islands and Surfside, according to its website.
In 2022, an entity tied to Boano sold a 17.8-acre mostly vacant site on the southeast corner of Northeast 159th Street and West Dixie Highway in North Miami Beach for $57 million to AHS Residential. Boano and Hector Mendez of Metropole Holdings scored approval in 2018 for the 2.5 million-square-foot New North Town Center “micro-city” mixed-use project on the property, but never built the development.
South Florida commercial real estate investment sales have slowed over the past year due to elevated interest rates, skittish bank lenders and other economic headwinds. But development site deals continue.
Last month, Buenos Aires-based Grupo Frali paid $12.4 million for the 20,240 square-foot vacant lot at 3047 Biscayne Boulevard in Miami’s Edgewater, completing its full city block assemblage between Northeast 30th and 31st streets and between Biscayne Boulevard and Northeast Fourth Avenue.
Industrial glass manufacturer Tecnoglass, which last year moved to Miami from Barranquilla, Colombia, bought the 0.6-acre assemblage at 5101 and 5125 Biscayne Boulevard in Miami’s Morningside for $5.5 million in April. Tecnoglass plans its new headquarters on the site.
Also last month, Canadian developers Efstathios Tsatas and Nicolas Tsatas dropped $9.5 million for the 1-acre site at 330 Southeast First Street in Pompano Beach, which is approved for a 21-story, 240-unit condo-hotel with 4,000 square feet of commercial space.