Taubco sells 5.8-acre site on Biscayne for $16M

11150 Biscayne Boulevard and Ivan Kaufman, chairman, president and CEO of Arbor Realty Trust
11150 Biscayne Boulevard and Ivan Kaufman, chairman, president and CEO of Arbor Realty Trust

Bay Harbor Islands developer Taubco has flipped a development site on Biscayne Boulevard for $16.16 million, according to Miami-Dade County records. 

A Taubco affiliate sold the vacant land at 11150 Biscayne Boulevard in Miami. Companies tied to Hamden, Connecticut-based Belfonti Companies and Uniondale, New York-based Arbor Realty Trust are the buyers, records show. AMAC Holdings, a separate entity of Arbor, is the partial owner, a spokesperson told The Real Deal. AMAC would not comment on the sale.

The 5.8-acre property is zoned for commercial development, including a 186,201-square-foot hotel. It last sold for $3.28 million in 2012, according to Miami-Dade property records.

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The 3.22-acre site directly north is also vacant and being marketed as a development opportunity. It’s listed for $8.95 million, according to Loopnet. And across the street, the 8-acre, vacant waterfront property at 11295 Biscayne Boulevard, was also marketed for sale as a development opportunity.

In May, an investment group led by Nancy Karp paid $2.7 million for the commercial building at 11601 Biscayne Boulevard, a few blocks north of 11150 Biscayne.