Posted: Friday, February 23, 2018 1:29 PM
Redevelopment opportunity in the heart of Miami. The property is a portfolio of land totaling 62,900+ SF. Recent developments in the neighborhood, have brought rapid urbanization to the area, with the construction of high-rise and mid-rise residential buildings, and more retail. Presently property cash flow supports all the expenses including taxes. Parcel A can be sold by itself, and is offered at $20,777,000. Parcel B, is offered at an additional $10,679,000, but is not being offered for sale by itself. Property values are exploding and skyscrapers are rising in the area. Developers have been snapping up parcels and developing high-rise projects in the Bayfront neighborhood. Developers continue to bask in the robust demand from foreigners willing to pony up 50 percent or more of the price for a pre-construction condominium near the water in South Florida. Many of the condo developments are basically sold out by the time they break ground, with condominium prices averaging $500,000 to over $1.5M (estimated $450 - $1000+ per sq. ft.). The important key to both these parcels are that they have frontage on Biscayne Blvd, which also allows for retail, which will increase the potential income exponentially. Brickell and downtown, where the resurgence of condo construction began after the crash, are nearly built out. For additional information contact Mario Frech at 305-608-5190 or Christina Chong at 954-682-2635.
• Location: MIAMI
• Post ID: 79812437 miami