EDGEWATER DEVELOPMENT LAND 326 NE 29Th Street Miami, FL
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Offering Memorandum NE. 29th Street NE. 28th Street EDGEWATER DEVELOPMENT LAND 326 NE 29th Street Miami, FL. & 339 NE 28th Street Miami, FL. NON - ENDORSEMENT AND DISCLAIMER NOTICE Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. 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EDGEWATER DEVELOPMENT LAND Miami, FL ACT ID ZAC0390303 Ryan Nee Florida Broker of Record 5900 N Andrews Ave., Ste. 100 Fort Lauderdale, FL. 33309 P: (954)245-3400 Lic #: BK3154667 2 EDGEWATER DEVELOPMENT LAND INVESTMENT OVERVIEW 3 EDGEWATER DEVELOPMENT LAND OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY OFFERING SUMMARY MAJOR EMPLOYERS Price $3,692,000.00 EMPLOYER # OF EMPLOYEES * HIG Surgery Centers LLC 5,100 Total Land (SF) 13,425 Royal Caribbean International 4,900 Ibt Group LLC 4,442 Price/SF $275.00 Bursars Office 4,418 County Miami Dade AVI Dept 4,000 Lot Size (Acres) 0.31 acre(s) Miami Dade Transit 4,000 Nephrology Division 4,000 Price/Acre $11,979,00.00 Royal Caribbean 3,400 County of Miami-Dade 3,017 Allowable Buildable SF 13,425 Miami Vamc 3,000 Number of Lots 2 Aluma Craft Products 2,800 Fontainebleau Miami Beach 2,500 Price/Lot $1,526,250 and $2,165,650 Type of Ownership Fee Simple DEMOGRAPHICS 1-Miles 3-Miles 5-Miles 2020 Estimate Pop 30,791 233,091 525,045 2010 Census Pop 24,222 201,506 471,241 2020 Estimate HH 15,182 98,267 218,206 2010 Census HH 11,616 82,189 192,209 Median HH Income $53,571 $37,310 $41,888 Per Capita Income $40,482 $28,473 $31,111 Average HH Income $81,422 $66,693 $74,262 * # of Employees based on 5 mile radius 4# EDGEWATER DEVELOPMENT LAND OFFERING SUMMARY INVESTMENT OVERVIEW Edgewater Development Land Opportunity consists of 2 parcels of prime development land located just east of Biscayne Boulevard on NE 28th and NE 29th Street. 326 NE 29th Street totals 7,875 Square Feet of Land and 339 NE 28th Street totals 5,550 Square Feet of Land with a combined total of 13,425 Square Feet of land available for development in one of South Florida's most dynamic and explosive neighborhoods, Edgewater. Both Parcels are Zoned T6-36 with allows for a total buildable square footage of 209,430 square feet with bonus (12 FLR + 30% Bonus) or 161,100 square feet without bonus. T6-36 Zoning provides a for development of up to 150 Units per Acre with 36 Floors allowance and up to 60 Floors with Bonus. Within walking distance of water front on Biscayne Bay, the immediate area is home to numerous luxury residential developments including Biscayne Beach, Paraiso, Icon Bay, Crimson, Bay House, Blu27 at Edgewater, Modera Edgewater, Hamilton on the Bay and 22 Skyview just to name a few. INVESTMENT HIGHLIGHTS ▪ Two Development Land Parcels in Edgewater ▪ 13,425 Square Feet of Prime Development Land ▪ 326 NE 29th Street and 339 NE 28th Street ▪ Located Just East of Biscayne Blvd within Walking Distance of Biscayne Bay ▪ Zoned T6-36 5 EDGEWATER DEVELOPMENT LAND City of Miami Zoning Code: T6-36 6 EDGEWATER DEVELOPMENT LAND City of Miami Zoning Code: T6-36 7 EDGEWATER DEVELOPMENT LAND Development Pipeline Map 8 EDGEWATER DEVELOPMENT LAND OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING Property Edgewater Development Land Price $3,692,000 326 NE 29th St, Miami, FL Property Address 339 NE 28th St. Miami, FL SITE DESCRIPTION Total Land (SF) 13,425 Price/SF $275.00 Lot Size (Acres) 0.3100 Price/Acre $11,979,000 Allowable Buildable SF 209,430 with bonus (12 FLR + 30% Bonus) Number of Lots 2 Price/Lot $1,526,250 and $2,165,650 Type of Ownership Fee Simple 9 EDGEWATER DEVELOPMENT LAND LOCAL MAP 10 EDGEWATER DEVELOPMENT LAND AERIAL PHOTO Street th NE 28 Biscayne Boulevard 11 EDGEWATER DEVELOPMENT LAND PROPERTY PHOTO Edgewater Development Land BISCAYNE BLVD 12 EDGEWATER DEVELOPMENT LAND MARKET OVERVIEW 13 EDGEWATER DEVELOPMENT LAND City of Miami Zoning Code: T6-36 14 EDGEWATER DEVELOPMENT LAND Edgewater | Market Overview The Edgewater Market Tracing the Biscayne Bay shoreline just north of Miami’s Arts and Entertainment District and the Venetian Causeway (NE 17th Terrace to I-95 and back along E. Coast Avenue) is the pocket-sized neighborhood of Edgewater. This water-facing community could be small in size but is definitely big on potential. Over the past decade, Edgewater has emerged as one of the most loved residential neighborhoods of Miami, with major developers like the Related Group to Melo Group and global brands like Missoni recognizing its value, proximity and community feel by building some of the finest specimens of luxury real estate in their Icon Bay, Aria on the Bay, and Missoni Baia offerings, respectively. So, what makes Edgewater so appealing? Was it always this bayside paradise, safe and perfect enough to rank second on niche.com “Best Places for Young Professionals in Miami” and third on the “Best Neighborhoods to Raise a Family in Miami?”. 15 EDGEWATER DEVELOPMENT LAND Edgewater | Market Overview The Appeal Sitting a short walk away from the Perez Art Museum Miami (PAMM), the Frost Science Museum, and Bayfront Park, this waterfront community is a quick drive or scenic bike ride from South Beach. It’s also just a mile from Wynwood’s eclectic art-scape, the Shops at Midtown and the Design District’s high-end shopping. But what makes Edgewater so unique is that it’s anchored by the 8-acre, dog-friendly Margaret Pace Park. This park also sits bayfront, and with tennis and basketball courts, makes for great relaxation and green space at your back door. Plus, Edgewater is serviced by the free Miami Trolley, and is home to one of the main Metrorail stations, boasting of an above-average walk score of 80 (93 if you live close to Margaret Pace Park). With its central location and a median price of $602/sq. ft. for luxury condos (one of the most affordable in Miami), it really is the gold standard of real estate today. 16 EDGEWATER DEVELOPMENT LAND Edgewater | Market Overview What’s Next? Still offering some of the most amazing water views in Miami at relatively affordable prices (compared to South Beach or Mid-Beach), Edgewater has turned into one of the most sought-after and affordable Miami neighborhoods. With more residence, retail, and restaurants slated to make their debut in this family-friendly district, here’s a quick tour of the outstanding condos of Edgewater: • Tallest Condo Building in Edgewater – Missoni Baia at 646 ft.