Colliers International South Florida broker Mitash Kripalani in Miami. Courtesy Photo
Over an acre of land in a prime location in Miami's booming Edgewater neighborhood has sold for $13.65 million.
DLC Capital Management, a Miami family office, bought the 1.17-acre site on the northeast corner of Northeast 29th Street and Fourth Avenue from AR Edgewater Investments LLC.
Colliers International South Florida director of investment services Mitash Kripalani, executive managing director of investment services Gerard Yetming, financial analyst Julian Zuniga and associate Virgilio Fernandez, all based in Miami, marketed the property and closed the sale May 20.
The 1.17-acre parcel is a significant scoop for the buyer as the site offers development potential. The maximum allowance is 852,600 square feet with buildings up to 60 stories tall, but only if the city agreed and in return for the developer providing community benefits.
Without the bonuses, the developer could build up to 36 stories for up to 174 residential units or 349 hotel rooms.
Edgewater has been undergoing striking redevelopment in recent years. The neighborhood's one- and two-story homes and apartment buildings built in varying architectural styles have been demolished over time in favor of condominium towers.
New projects include The Related Group's four-tower Paraiso condo complex north of the recently sold land assemblage. To the south are the 22 Skyview tower and the two-tower Quantum on the Bay complex.
Kushner Cos., the New York-based development company headed by President Donald Trump's son-in-law Jared Kushner, is planning an 1,100-unit apartment project at 2000 Biscayne Blvd.
The 10-lot property assembled by AR Edgewater Investments from different sellers in 2014 used to be home to one- and two-story apartment buildings.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
