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Edgewater development site on Biscayne hits market: $19.75M

Edgewater development site on Biscayne hits market: $19.75M
Miami-based LLC paid about $4.5M for the property in 2013
February 24, 2016 01:30PMBy Katherine Kallergis

2699 Biscayne Boulevard

As land sales reach record per-square-foot highs, a redevelopment site in Edgewater has been listed for sale for $19.75 million or about $475 a square foot. 
The property, at 2699 Biscayne Boulevard, is one of the few remaining large development sites in the Edgewater neighborhood with frontage on Biscayne, listing agent Ryan Shaw told The Real Deal. The 0.95-acre site is zoned for up to 143 units and nearly 500,000 buildable square feet, according to Marcus & Millichap marketing materials.
Shaw, who is co-listing the property with Al Palacios, said there about nine projects underway with more than 2,500 units in the area that will “increase demand for retail space.”
As it stands, the development site at 2699 Biscayne Boulevard includes a 15,000-square-foot retail center with tenants Papa John’s, Rincon Escondido restaurant, Unique Superbikes and Vape & Smoke Shop. The zoning is T6-36-A-O. Property records show that Biscayne Rentals LLC is the owner. The company, based in Brickell, paid about $4.5 million for the lots in 2013.
Projects in Edgewater this cycle include 26 Edgewater, Biscayne Beach, Aria on the Bay, Elysee, Spark, Bay House, Icon Bay and the Crimson.
Earlier this week, the property two blocks south at 2501 Biscayne Boulevard sold for $13 million or about $503 per square foot. That lot, which is across the street from a planned 156-unit apartment tower and a new Melo Group condo tower, is zoned for up to Shaw called the sale a “game-changer” for the area.


Source: The Real Deal

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