May 3, 2019— Avison Young’s Florida Capital Markets Group has been exclusively tapped to sell a ±3.04-acre development opportunity spanning a full city block at 1700 Biscayne Blvd. in Miami’s prestigious Edgewater area. The uniquely positioned property in an Opportunity Zone, ranked in the top 1 percent in the U.S. in terms of population growth and total retail sales, is in the Arts & Entertainment District (previously the Omni) blocks north of downtown Miami.
Avison Young Principals Michael T. Fay, who is also Managing Director of the firm’s Miami operations, and John K. Crotty, CCIM, will spearhead the disposition of 1700 Biscayne along with Principal David Duckworth, Senior Associate Brian de la Fé, and Associate Berkley K. Bloodworth.
“1700 Biscayne Boulevard will allow an investor-developer to make a permanent impact on the Miami skyline with a legacy-defining asset built on one of the last large development sites available in the city’s urban core,” said Fay. “The property’s generous T6-36B-O zoning designation will permit the construction of an impressive mixed-use high-rise of up to 60 stories consisting of 500 residential units per acre or 1,000 hotel keys per acre as well as office and retail space.”
Situated directly on the west side of one of Miami’s most-well-known streets, 1700 Biscayne is directly east of Wynwood and Midtown with quick access to major thoroughfares (including Interstates 95, 395, and 195), South Beach, and Brightline’s MiamiCentral station. Additionally, a future tower on the property will boast unmatched water and city views and convenient walkability.
“One of Miami’s hottest up-and-coming submarkets, Edgewater commands some of South Florida’s highest rental rates across all property types,” said Crotty. “We’ve already received intense interest from potential buyers attracted to the 1700 Biscayne investment’s tremendous tax incentives in a rare, well-located Opportunity Zone with exceptionally favorable zoning codes.”
The increasingly popular lifestyle destination that Edgewater has become has seen little to no new office product in recent years and is deficient in the stock of 4- to 5-star full-service hotels offered in nearby Miami Central Business District neighborhoods. In addition to the expected strong return on investment in the residential and retail components, the lack of meaningful office and hospitality inventory in the immediate area underscores 1700 Biscayne’s potential to become an irreplaceable trophy development.
Avison Young provides best-in-class services to local, national, and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young, please contact Mr. Fay at (305) 447-7842 or Mr. Crotty at (305) 447-7865 or visit www.avisonyoung.com.