MIAMI—AXA Strategic Management just snapped up Midtown Bay, a two-acre waterfront development site on Biscayne Bay. Although financial terms of the deal were not disclosed, the amount included an initial cash consideration of $20 million.
"Miami is no longer being defined by Brickell and South Beach,” says CBRE Investment Properties' senior vice president Gerard Yetming, who represented the seller. “This transaction demonstrates the strong demand for well-located sites in fast emerging neighborhoods.”
Located at 475 NE 32nd Street and 3117 NE 7th Avenue in Miami, the site offers 321 feet of frontage on Biscayne Bay. The property's zoning allows the development of a high-rise tower with up to 60 floors. The former owner had explored the development of a 33-story residential building.
Midtown Bay is located in the fast-developing Edgewater neighborhood of Miami, half a mile south of Miami's Design District and eight blocks east of the Wynwood Arts District. The area is close to Interstates 95 and 195, as well as Downtown Miami, Brickell Financial District, Miami International Airport, Miami Beach, and the Hospital District.
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