Kennelly obtained zoning approval for the Enclave master plan that accommodates up to 168 residential units and is in the final stages of getting a permit for construction of a tunnel under AIA, linking both sides of the property. The land has 1,200 linear feet of waterfront, split evenly between the Atlantic Ocean and the Intracoastal Waterway. Construction of a marina and breakwater are under way on the Intracoastal side.

Kennelly has hired Abraham Wien, senior commercial associate in the investment sales group in the Miami office of Colliers Abood Wood-Fay and Allan White, VP of Miami-based Orion Commercial, to market the land. Wein tells GlobeSt.com, "we suggested a starting price of $85 million," which puts the minimum price tag at about $7.6 million an acre or just above $174 per sf.

"We have offers in excess of that," White tells GlobeSt.com. "Fully developed, the gross sellout would be north of $300 million," he estimates. Of the total land, 6.1 acres are on the ocean side and 5.1 acres are on the Intracoastal side of AIA, but the land is being offered only as a single parcel.

Zoning has a height limit of 35 feet over the average dune line on the beach side and over the average road crown on the Intracoastal side. White says residential development would need to be townhouse or villa-style units. The proposed tunnel would allow for a unified single gated community, he says, and also provide residents on the Intracoastal side with access to the beach. "The tunnel is only feasible," he says, "because this land is unusually high, about 15 feet above sea level, high enough for the tunnel to stay dry."