A rare ±3.04-acre development opportunity spanning a full city block at 1700 Biscayne Blvd. in Miami’s prestigious Edgewater area has hit the market. Avison Young’s Florida Capital Markets Group has been exclusively selected to market and sell the property which is uniquely located in an Opportunity Zone which also happens to be ranked in the top 1 percent in the U.S. in terms of population growth and total retail sales. The property 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.”
“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.”
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. 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.