A three-acre site on Miami’s Biscayne Boulevard is listed for sale in what is considered a skyline-altering redevelopment opportunity in the city’s urban core.
Fort Lauderdale, Florida-based investment firm Biscayne Arts LLC hired international brokerage firm Avison Young to list the property at 1700 Biscayne Blvd. in Miami.
A buyer could build a mixed-use project up to 60 stories tall with 500 residential units or 1,000 hotel rooms per acre, along with office and retail space, Avison Young broker Michael Fay said. There is no asking price or a deadline for offers.
Biscayne Arts paid $4.5 million for the property, according to CoStar data and public records, but Fay said the firm spent a total of more than $20 million, including the acquisition of nearby parcels over the past 15 years.
The condominium market in the area is overbuilt and price declines are likely, analysts say. Meanwhile, downtown has seen more apartment construction than any other area of Miami-Dade County, which has one of the largest pipelines as a percent of existing inventory in the country, according to CoStar Market Analytics.
Building additional apartments or condos now would be a risky move, said Christos Costandinides, a market economist tracking the South Florida region with CoStar Market Analytics. But in the next 10 years, the time frame considered by most developers, new projects almost certainly will be in high demand in the Biscayne Boulevard corridor, he added.
"It's a pretty sure bet in the long term," Costandinides said.
The property is within a federal opportunity zone, which offers tax incentives for building in areas designated as economically disadvantaged. It is also in the Arts & Entertainment District and abuts Miami's Wynwood, Midtown and Edgewater neighborhoods. All four areas are undergoing sweeping transformations with new developments.
“This site is so perfectly located near everything,” Fay said in an interview.
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