Cafe owner cashes out with $13M sale of Edgewater eatery
Property’s zoning allows for up to 36 stories of development
February 23, 2016 03:45PMBy Sean Stewart-Muniz
The Latin Cafe 2000 Biscayne in Edgewater
The owner of Edgewater’s Latin Cafe 2000 Biscayne just sold his restaurant of 12 years to an investor.
Located at 2501 Biscayne Boulevard, the restaurant occupies a small single-story building right across the street from an upcoming 156-unit project from partners Alta Developers, Strategic Properties and the Greystone.
The cafe was sold by restaurant owner Jose R. More, who originally paid $1.45 million for the 5,194-square-foot building in 2004. Over time, he added an additional two parking parcels to his collection for a combined $1.075 million.
Altogether, the land included in the deal totals 25,851 square feet. Its T-36-A zoning allows for up to 36 stories under the Miami 21 code, or up to 60 if a potential developer enrolls in the city’s public benefits program by either making a payment to the program or by building a “public benefit” as part of the development.
The buyer is a Florida limited liability company called 35 Oak US4, managed by William Wiener. Its unclear what Wiener plans to do with the Biscayne property, but other companies managed by him have purchased six residential properties in the 400 block of Northeast 27th Street within the last year. Those properties are directly across the street from Melo Group’s newly built Bay House Miami Residences condo tower.
Source: The Real Deal