MIAMI—As the Greater Downtown Miami area continues heating up, investors are taking special interest in the Edgewater neighborhood. A vacant 7.35-acre development site in Edgewater just traded hands.

A Florida-based private company acquired the site at the corner of Northeast 2nd Avenue and 17th Street from BDB Miami for $64 million. This deal marks one of the largest non-waterfront land transactions in the Edgewater area. The site is zoned for mixed-use with rights to build up to 3 million square feet of residential, retail, hotel, and office. 

“Miami's continued evolution as a world class gateway city requires large scale development opportunities like this,” CBRE senior vice president Gerard Yetming, who represented the seller, tells GlobeSt.com. “The  population growth and continued influx of global capital are driving demand for multiple real estate asset classes and the supply is best delivered in dense infill neighborhoods like Edgewater.”

The Edgewater site is close to Miami's most substantial new developments, including Miami World Center to the south and the Design District to the north. To the east lies Biscayne Boulevard and a slew of new residential developments, and to the west is the red hot Wynwood retail district.

“BDB Miami is the perfect canvas for a visionary developer,” says Yetming. “Population growth for the one-mile radius around this site is forecast at nearly 10% over the next five years. With this acquisition, the buyer has an opportunity to capitalize on all of the new energy associated with Miami's most transformative commercial real estate development projects.”

Melo Group's 165-unit Bay House has topped-off construction topped off at 38 stories in December. Related Group is also getting aggressive in Edgewater. Offices are also selling in Edgewater. Legal Services of Greater Miami sold an office asset to 3000 Property, for $19.2 million in a rare deal last November.

“In 2008 many condos were sitting empty and pundits predicted they would remain dark for years to come,” says Alyce Robertson, executive director of the Miami DDA. “Local job growth, combined with foreign buyers and investors from Europe, South America and Asia have acquired most of the inventory and prices are again increasing even as dozens of new projects are in the works. Downtown Miami is witnessing a metamorphosis and evolving into a true 24/7 city as restaurants and retailers come online in the urban core.”

Robert Given and Zachary Sackley of CBRE's Capital Markets, Multifamily; Casey Rosen and Dennis Carson of CBRE National Retail Investment Group; and Tim Gifford of CBRE Global Capital Markets also worked on the deal.

Melo Group's 165-unit Bay House has topped-off construction topped off at 38 stories in December. Related Group is also getting aggressive in Edgewater. Offices are also selling in Edgewater. Legal Services of Greater Miami sold an office asset to 3000 Property, for $19.2 million in a rare deal last November.

“In 2008 many condos were sitting empty and pundits predicted they would remain dark for years to come,” says Alyce Robertson, executive director of the Miami DDA. “Local job growth, combined with foreign buyers and investors from Europe, South America and Asia have acquired most of the inventory and prices are again increasing even as dozens of new projects are in the works. Downtown Miami is witnessing a metamorphosis and evolving into a true 24/7 city as restaurants and retailers come online in the urban core.”

Robert Given and Zachary Sackley of CBRE's Capital Markets, Multifamily; Casey Rosen and Dennis Carson of CBRE National Retail Investment Group; and Tim Gifford of CBRE Global Capital Markets also worked on the deal.