CBRE Marketing Bayside REO in Miami

MIAMI-CB Richard Ellis is marketing a 3.34-acre bayside parcel in Miami at the eastern-most edge of the city at the 79th Street Causeway and Biscayne Bay. The property was once slated to become home to Oasis on the Bay, a Related Group development with 467 condominium units, 4,200 square feet of retail, 719 parking spaces and 13 boat slips. If all had gone according to plan, the project would have been finished in 2008.

“The Related Group had deposits on most units, but it couldn’t proceed, because the financing didn’t come together,” says Chris Wood, first vice president at CB Richard Ellis in Ft. Lauderdale, who is marketing the property for its present owner, City National Bank, a Miami-based lender, who is asking $14.5 million for the land. The Related Group had a mortgage on the land, which is one of the few remaining waterfront parcels in Miami-Dade County, he says.