Avison Young tapped to sell five South Florida land sites valued at $80M, representing development potential for close to 1,000 multifamily units

June 26, 2020

Avison Young tapped to sell five South Florida land sites valued at $80M, representing development potential for close to 1,000 multifamily units

 Miami-Dade, Broward development opportunities coming to market underscore increased investor confidence as Florida sees influx of new residents

 

Miami – Avison Young’s Florida Capital Markets Group has been exclusively tapped to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings could go for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers. The investment opportunities include:

  • 3550 Biscayne, a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.
  • Palmetto Expressway Development Site, a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components.
  • Fort Lauderdale Beach Development Site, a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses.
  • O2, a 2.11-acre site plan approved for mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage.
  • Dania Beach Development Site, a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area.

“We’ve seen continued interest in investments, particularly in land,” said Michael T. Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. 

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables. 

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