MIAMI—With so much development going on in Miami, it's getting harder to buy into prime sites—until the landowners budge. Developers have a new opportunity with the just-listed 44,572-square-foot block of land and 31,294-square-foot marina, complete with 36 slips, fronting the Miami River. Marcus & Millichap has the exclusive listing on the land, priced at $7 million.

The land parcels are located at 2190 Northwest North River Drive in Miami, FL. Ryan Shaw and Scott Sandelin, senior associates in M&M's Miami office, are representing the seller, a limited liability company from Miami.

"The Miami River and its surrounding neighborhoods have become magnets for all kinds of energy and activity over the last couple of years," says Shaw. "This is an excellent opportunity for a developer to acquire a site on the Miami River with an adjacent marina."

The deal includes multiple land parcels and marina totaling approximately 75,866 square feet along the Miami River. The property is separated by Northwest 22nd Avenue with the residential development on the west side and the marina to the east. The land allows for up to 362,000 buildable square feet under Miami21 zoning of T6-8-O, which Shaw says should fit a minimum of 105 units over eight floors.

"Private sector developments along the Miami River are at an all-time high," Shaw says. "The addition of new restaurants, retail, and apartments further west on the river make this an excellent opportunity to capture the future of what the Miami River has to offer."