Introducing an expanded coveted land development opportunity for mid-rise or high-rise project in the popular Edgewater neighborhood of Miami. Located at the Southern-most quadrant just outside the borders of both the Arts + Entertainment District (OMNI), and only a block from the access road to Wynwood that crosses the train-tracks (one of only a few crossings in the neighborhood).
With T6-8-O zoning, a developer can build up to 8 stories and 97 units BY-RIGHT. With the bonuses available in the Miami 21 code for various public benefit, a developer can exceed this count without applying for a Live Local project. That said — this site has the potential to be a perfect Live Local project as it’s located slightly off the main corridor and would lend itself nicely to a mixed-income project of higher density (almost 650 units, 36 stories, and over 500,000 buildable square feet would be the new maximums).
This offering is also very competitively priced for the neighborhood at $300/Sq. Ft., despite the potential to develop a project of the same scale as would be allowed in the eastern portion of Edgewater which trades between $450-$600/Sq. Ft. Also located within a Qualified Opportunity Zone (QOZ) and abutting the Braman campus within walking distance to Young Arts, the Adrienne Arsht Center, and Publix.
NOTE: This offering can be expanded by an additional 7,100 Sq. Ft. by acquiring the neighboring parcel at 126 NE ST for a similar price per sq. ft. as the offered property. The total land area would then be 0.81 acres and 121 units by-right for $10.63MM.
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