Edgewater Assemblage Site Lists for $49.5M
Mar 16, 2021 March 16, 2021
A commercial assemblage spanning almost three acres in Miami’s blooming Edgewater neighborhood was recently placed on the market with a price tag nearing $50 million. The site includes a commercial building as well as 54 apartments.
According to property records, the assemblage, located at 3333 Biscayne Boulevard, is controlled by Miami Sunrise Properties LLC, and encompasses 2.8 acres stretching from Biscayne Boulevard to Northeast Fifth Avenue, on the block between Northeast 33rd and 34 streets. The assemblage consists of 11 parcels on the eastern side of Biscayne Boulevard and includes a Wendy’s commercial building along with 54 multifamily units, generating annual gross revenues estimated at about $919,000, according to the developer’s promotional materials targeting corporate as well as private investors.
Those marketing materials also note that this assemblage is among the largest development sites still available in the rapidly growing Edgewater neighborhood, and that the site has the potential to be developed into a 36-story tower, or a high-rise with as many as 60-stories, and also includes extra bonuses. The site is cleared for construction of some 417 residential units along with an additional 2 million square feet of new construction. It’s also cleared for residential, office, retail, and hospitality use.
Miami Sunrise Properties, headed by Jose Afonso Assumpção, founder of Brazilian airplane charter and sales company Lider Aviacão, noted that the current listing is lower than a previous listing asking a much higher price. The company, which has invested some $31.5 million in the property, has been developing the site since 2014, according to public records.
Among other comparable development properties in Edgewater is the Hamilton on the Bay apartment building located at 34th Street, for which Aimco Properties paid almost $90 million in August of 2020.
Meanwhile, the Crescent Heights project, led by developer and attorney Russell Galbut, recently gained city of Miami approval for its plans to advance on a major mixed-use development, including a 38-story tower located at 2900 Biscayne Boulevard, with construction slated to begin in October of 2021.