Biscayne Boulevard Lot Gets $7.6 Million
Correction: A previous version of this article misstated the square footage of the property sold. It has been corrected.
An undeveloped site on Biscayne Boulevard has sold for even more than what it fetched at the apex of the housing boom, delivering a tidy profit to the Argentine investor who bought the property just over a year ago, the Daily Business Review has learned.
The multi-parcel site at 3360 Biscayne Blvd. in Miami's Edgewater neighborhood recently sold for $7.6 million, a gain of 32 percent over the $5.75 million it traded for in September 2012. The seller, Hollywood-based MG3 Developer Group LLC, announced the sale at $205 per square foot in an email. The buyer is an undisclosed Brazilian investor.
The 37,000-square-foot site on the west side of Biscayne Boulevard comes with a permit to develop a 16-story, 127-unit residential tower. Miami-based Zyscovich Architects and designer Alison Spear were behind the design of a sleek glass tower back in 2012, according to real estate blog Curbed Miami.
While it is not clear if the design will remain unchanged, a receptionist at Zyscovich confirmed Thursday that an architect with that firm was still engaged on the project.
The $7.6 million price tag is likely to be a record for a site on the Biscayne Boulevard corridor. In 2005, Miami-based Flagler Group bought the same property for $6.5 million, Miami-Dade County records show.
The unidentified buyer faces stiff competition from other developers in the Edgewater area.
Miami-based Melo Group, for example, is working on projects that will add about 2,700 units to the neighborhood when completed, Martin Melo, a principal at the family-run company, told the Review last week. For its part, the Related Group's two planned towers in the area, Icon Bay and Paraiso Bay, will add more than 1,000 apartments to the neighborhood.
Biscayne Beach, another residential tower being developed nearby by West Palm-based Eastview Development and New York-headquartered GTIS partners, is slated to add 399 units. Another development under construction in the area, mckafka Development Group's Crimson will add 90 units to the real estate picture.