MIAMI—As developers continue eyeing Miami for new projects, two multi-parcel sites in have traded hands. Metro 1 Commercial sold the sites for nearly $8.5 million.
The first site is a multi-parcel site located at 346 NE 26 Terrace. This prime development site is on Biscayne Boulevard in the Edgewater submarket.
Mecca LlC sold that 47,415-square-foot parcel sold for $7.6 million, or about $160 per square foot to an undisclosed buyer planning to develop an office building on the site. Metro 1 Commercial's Peter Andolina and Tony Cho represented the buyer in this transaction.
“Edgewater has become one of the most relevant submarkets in the county,” says said Andolina, executive director with Metro 1. “Its spectacular views of Biscayne Bay alone make it a top residential destination. Its proximity to the Design District, Wynwood and Midtown only bolster its appeal.”
Edgewater, which has been labeled as Miami's next trendy district, is experiencing a real estate explosion and land prices are soaring, Metro reports. Miami-based Related Cos. recently paid $29 million for a prime site at Northeast 31st Street. That land sold in 2012 for $11.5 million. Related plans to erect a high-rise condominium on the spot.
Separately, Related broke ground a couple of months ago on Icon Bay, a luxury condominium at 428 Northeast 28th Street. The developer launched pre-sales of units last September and is now virtually sold out. Melo Group also has a keen interest in the revitalized neighborhood, with seven condominium and apartment projects lined up in the area.
The Edgewater submarket stretches from Northeast 17th Street north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks.
The area borders trendy Wynwood and the Design District, which is seeing plenty of traction on its own thanks to DACRA's venture to bring in luxury retail icons like Louis Vuitton and Hermes.
The second site Metro sold is located at 4920 NE 2 Avenue in the Buenavista neighborhood, just north of Miami's Design District. The site was sold for $890,000. The undisclosed buyer is also planning to develop a mixed-use project on the 25,437 square foot site. Andolina and Cho represented the seller in this transaction.
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