Investors Race for Edgewater
The race is on in Edgewater as investors jockey for position. The prize: sites to develop multifamily, as the neighborhood becomes more attractive to Millennials and others who want to be near Downtown without paying to be in it.
Recently the 57k SF office building on 1.5 acres at 3000 Biscayne Blvd traded hands for more than $19M. CREC SVP Peter Mekras tells us that both foreign and domestic investors were keenly interested in the property, including residential and commercial developers, with the sale closing in three months. Along with colleague Andrew Remick, Peter repped the buyer and the seller, the nonprofit Legal Services of Greater Miami, which owned and occupied a large part of the property since 1997.
The winner in the deal: 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights, and which paid all cash. With the acquisition, the entity has enlarged its holding in Edgewater, since it already owns land adjacent to 3000 Biscayne. All together, the site’s zoned for 227 residential units. Peter says that purchase price translates to $290/SF of land and $24/buildable foot, given the site’s zoning for 36 stories and 790k SF of development, creating significant added value to the buyer’s existing assemblage.