Goddard Investment Group is looking to make a whopper of a land deal.
The Atlanta-based firm led by CEO Robert Goddard listed 80 acres with mixed-use development entitlements in Palmetto Bay, a news release states.
The waterfront site at 17777 Old Cutler Road, which once housed fast food giant Burger King’s headquarters, is being marketed by an Avison Young team led by Michael Fay and John Crotty. A spokesperson for the brokerage declined to disclose the asking price.
A Goddard affiliate paid $18.5 million for the property in 2003, records show. The firm obtained county approval to develop Laguna Vista, a community with 413 apartments, 42 townhomes, a 120-key hotel, 280,000 square feet of retail and 315,000 square feet of office space.
The land has a market value of roughly $36 million, according to the Miami-Dade County Property Appraiser’s Office. The site includes a 70 percent leased three-building office complex, the release states.
Burger King moved to Miami’s Blue Lagoon neighborhood near Miami International Airport in 2002 and is the anchor tenant in an eight-story building owned by national homebuilder Lennar.
The 80 acres represents one of “the largest contiguous redevelopment opportunities in Miami-Dade,” according to Avison Young.
Southwest Miami-Dade is one of the most active areas for residential developers targeting middle-class buyers and affordable and workforce housing tenants.
D.R. Horton is planning a 108-townhome complex on 7.2 acres that the homebuilder has under contract in Florida City. Lennar is also planning a townhome community with 146 units on a 12-acre site in an avocado orchard. The development is near the Navy Wells Pineland Preserve in unincorporated southwest Miami-Dade.
Bluenest Development is behind a project to build 500 townhomes and 76 large single-family homes on a 90-acre tract. The homes will be capped at workforce prices and 20 percent of the units will be reserved for households earning no more than 140 percent of Miami-Dade’s $87,200 median income.