|
|
201 Units, +/- 89,000 Square Feet of Net Site Area, +/-
135,000 Square Feet of Gross Site Area, +/- 334,000 Square Feet of FAR, +/-
650,000 of Gross
Building
Including Parking and Common Areas. This property was designed by award
winning architects Walter Chatham, Giovanna Henao
and Steve Bugay of BTM Architects.
The property
consists of 13 contiguous lots with the following individual addresses; 701
NE 31st , 3117, 3120, 3121, 3131 NE 7 AVE; 475, 533,
537, 545, 601, 619-625, and Lots 11 and 12
NE 32nd Street.
The property is directly north of the proposed development site for the award
winning Element, a
Chad Oppenheim and Walter Chatham designed 55+ story loft style high rise building.
The building is 105 units and units have been sold between $650/sq. ft. to
$1000/sq. ft.
|
|
|
|
Other developments in proximity to the site include
Platinum (not waterfront), award winning Platinum
II, Onyx, Onyx II, and Star Lofts. The property was once part of the Sapphire
Bay
master plan, the first of its kind in the now high demand Edgewater District of Miami.
This site has unobstructed water
views of South Beach and is Miami’s best waterfront
development opportunity in this extremely high demand submarket. The seawall
on the site has been replaced and all approvals and inspections have been
completed and approved by all regulatory authorities. In addition, the
development site includes a renovated two story waterfront sales center on
the southeastern portion of the site. The sales center/model is complete with
three offices, reception area, 2 conference rooms, central
air, is wired for internet and phone, and has space for kitchen and bathroom models.
Area Map
|
|
|
The existing zoning of the site is high density
residential with an ‘as of right’ FAR of 1.72 and the property
has an approved irrevocable Major Use Special Permit allowing 334,000 sq.
ft. of FAR including all MUSP bonuses. In addition, the site
is part of the SD-20 overlay district, which lowers the
parking requirement, reduces some setback requirements,
and gives the site no
height restriction.
The sellers believe this may be the last MUSP approved in
Miami
before the institution of the New Miami 21 zoning
|
|
|
|
|
|
code
which imposes a significant number of
restrictions on density, design, and building materials (LEED
certifications) In addition, this property is considered to have the most
potential over possible competitors because:
1. This site has no below market buyer contracts
to contend with.
2. This property has the MUSP in place.
3. The unit designs are extremely efficient and
very appealing to end buyers, while still being
cost conscious for construction.
4. This property is $100/sq. ft. of FAR, the best
price in the market.
|
Pro Forma
|
Serious
Enquiries Only.
Please complete and submit the form below.
|
|
|