Edgewater condo building hits market as dev site

Mike Fay, John Crotty, 2121 North Bayshore Drive (Credit: Google Maps)

An older condo building on a 3.4-acre waterfront site in Miami’s Edgewater neighborhood is hitting the market and could be redeveloped into a 60-story tower.

The older condo building, called Biscayne 21, at 2121 North Bayshore Drive, could be sold in a bulk deal. It represents one of the last remaining waterfront development opportunities in Miami’s Edgewater neighborhood.

The building is occupied by individual unit owners, but 90 percent of the unit owners have signed a listing with Avison Young, according to Michael Fay with Avison Young.

Bulk condo deals, also known as fractured deals, allow investors to take ownership of a condo complex by purchasing individual condo units en masse. As waterfront development sites become more scarce, the deals are becoming more popular as a means for developers to purchase land.

Sources said the building could sell for as much as $130 million to $150 million.

The property is being listed by Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais.

The property has 850 feet of water frontage with unobstructed views of Biscayne Bay and Miami Beach. The property is also near Margaret Pace Park and is close to the Venetian Causeway.

The site is zoned T6-36a, which allows for a residential tower with up to 517 residences and possibly 60 stories with bonuses. The existing condo building on the property was built in 1964.

Edgewater is seeing an influx of new apartment and luxury condo developments. OKO Group, led by Russian billionaire Vlad Doronin, is building the 57-story, 249-unit luxury condo Missoni Baia at 777 Northeast 26th Terrace. Meanwhile, Two Roads Development just topped off its 57-story waterfront Elysee luxury condominium at 788 Northeast 23rd Street in Miami.

A handful of fractured condo deals have closed in South Florida in recent years. In 2017, New York-based ESG Kullen paid $17.9 million, or about $151,500 per unit, for a bulk condo deal in Boynton Beach.

Axonic Properties, also of New York, picked up 224 units of a 385-unit complex in West Palm Beach for $13.75 million, or about $61,000 per apartment, in 2016.

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from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/03/12/edgewater-waterfront-condo-building-hits-market-as-dev-site/
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