2699 Biscayne Blvd - Edgewater
Biscayne Blvd Ion East
Icon Bay Bay House Paraiso Bay
OFFERING MEMORANDUM 2699 BISCAYNE BLVD - EDGEWATER
PRIME RETAIL CORNER PLUS FUTURE DEVELOPMENT HIGH DENSITY MIXED USE SITE.
Exclusively Listed with Paola Vazquez del Mercado. Land on Edgewater, Miami, FL 33137 Vazquez L 113
Icon Bay Bay House <
Crimson Onyx on the Bay 80 Units
Venetian
26 Street
ION EAST 27 Street
Facing Biscayne Blvd
41,55441,554 sqSF OFft of Land LAND Land on Edgewater, Miami, FL 33137 Vazquez L 113
CONFIDENTIALITY OF THIS REPORT
This is a confidential report on the subject property intended for your sole use to determine if you wish to express further interest in the subject property.
The confidential report contains brief information about the property offered for sale. It is subject to changes that can appear at any time, and will replace all previously reported information. This report contains estimates, projections and information about the property, and the members, directors, executives, managers and employees related to the property or Fortune International Realty do not assume any responsibility for the information contained in this report, for the accuracy and its effects, to notify any changes on the information or this report, or for any decisions based on the information contained herein.
All data on the property is provided for information purposes. Fortune International Realty encourages the recipients of this report to thoroughly review and independently verify to recipient own satisfaction that the data provided are substantially representative of the property and can be realized upon when considering any interest of said property. Recipient of this report acknowledges that he has been advised to seek the independent counsel of an attorney and/or an accountant to verify the information on the property and to examine any and all applicable documentation relevant to the transaction.
The information contained in this report is confidential. The recipient agrees that he will not disclose any of the contents contained in this report without prior authorization from Fortune International Realty.
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
LAND DESCRIPTION
OPPORTUNITY:
OUTSTANDING LOCATION in Edgewater. The property is on Biscayne Boulevard and represents an incredible opportunity for development in the hottest rising area in Miami. Zoning allows commercial, office, hotel and multifamily use. Development opportunity for a 48+ stories and 150 living units per acre of land. - Multifamily use allows 150 units per acre; site can have 107 residential units. - Hotel use allows 300 units per acre, site can have 214 hotel rooms.
UNIQUE LOCATION: Edgewater. On Biscayne Blvd right in the Corner of NE 27 Street. East of Biscayne Blvd on NE 26 terrace. Signalized intersection where 27th Street meets Biscayne Blvd.
ZONING: 6405 CEN HIGH DNSTY BORDERS CB / T 6 -36A- O as per Miami 21
LAND SIZE: 0.95 Acres
ESTIMATED DEV. UNITS: 150 Residential Units
PRICE/DEV UNIT: $93,661
ASKING PRICE: Upon Request Land on Edgewater, Miami, FL 33137 Vazquez L 113
PARCELS DETAILS
ADDRESS LOT SIZE BLDG SIZE FOLIO 2699 BISCAYNE BLVD 15,034 11,144 01-3230-018-0230 330 NE 27 ST 5,280 - 01-3230-018-0260 346 NE 27 ST 5,280 2,588 01-3230-018-0270 347 NE 26 TERR 5,340 1,265 01-3230-020-0230 ______401 NE 26 TERR 5,340 1,224 01-3230-020-0240 404 NE 27 ST 5,280 2,336 01-3230-018-0280 TOTAL: 41,554 sq ft The Crimson 6 Homes behind 99 units subject with no views in between Bay House and The Crimson paid $1.250 mill for each 5,000 sq ft of Ion East land only no value or Development income in homes 150 Units 2014.
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
INVESTMENT HIGHLIGHTS
Advantages that 2699 Biscayne Blvd offers:
NIGHTLIFE AND SHOPPING: RESIDENTIAL TIMING: The site is right in front of The rental and Condo market in Biscayne Blvd right in the middle the Greater Miami Area has been of Edgewater, the new increasing significantly in the past development area. Close to year. New and under Midtown shops, the site will offer construction residential projects nightlife and shopping that is are selling rapidly at prices of walking distance. (Four blocks) $600/SF.
ALLOWABLE USES: DEVELOPMENT POTENTIAL: Mixed-use site development, 482,570 SF with additional public corner right in the heart of benefit. Edgewater. Residential, retail, offices and hotel use. ACCESS: Exit from I-95 (towards Biscayne) right in the corner of NE 27th ST and NE 26th Terrace. Easy access from the Trolley and.
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
AERIAL VIEWS
The Crimson Bay House
ION EAST
SUBJECT
Ion East
ICON BAY BAY Crimson HOUSE PARAISO
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
ZONING
The site offers prospects the ability to develop according to Miami 21. Miami 21 is the City of Miami’s recently (2010) adopted overhaul to the zoning code. This code promotes a more sustainable and pedestrian friendly plan for the city, especially at the core. The site is zoned T6-36A-O which allows a minimum of 150 residential units per acre. Below is a map illustrating location of the site and the surrounding zoning.
T6-36 ZONE BUILDING DISPOSITION
LOT OCCUPATION BUILDING SETBACK a. Lot Area 5,000 sq.ft min; a. Principal Front 10 ft. min b. Lot Width 100 ft. min b. Secondary Front 10 ft. min c. Lot coverage 80% max. c. Side 0 ft. min; 30ft.min 1-8 stories 18,000 sq. ft. max. above 8th story Above 8th story floor plate for d. Rear 0 ft. min; 30ft.min Residential & Lodging above 8th story 30,000 sq. ft. max. floor plate for Office & e. Abutting T5 0 ft. min; 10ft.min Commercial 6th through 8th story 30ft.min. above d. Floor Lot Ratio (FLR) T6-36a: 12/30% 8th story additional Public Abutting T4 6 ft. min 1rst through Benefit 5th story e. Frontage at front setback 70% min. 26ft.min. 6th through f. Open space Requirements 10% lot area min. 8th story g. Density 150 du/acre max. 30ft.min. above 8th story
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
AMENITIES MAP
LOCATIONS
2699 Biscayne Blvd 1. Icon Bay 2. Paraiso Bay 3. Bay House 4. Crimson on 27 st 5. Biscayne Beach 6. The Shops at Midtown 7. Wynwood 8. Margaret Pace Park 9. Resorts World 10. Adrienne Arsht Center 11. Museum Park 12. American Airlines Arena 13. Port of Miami 14. Bayfront Park
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
MIAMI NEW DEVELOPMENT DISTRICT
Shops at Midtown. Midtown’s urban design is reminiscent of New York's SoHo district with a Miami twist. It’s a city feel with a city vibe. Midtown Miami presents sidewalks filled with boutiques, cafes, lounges, restaurants, and more. Art and culture are at the heart of this neighborhood, with special installations and exhibits adorning the streets in an urban meets chic, indoor-outdoor setting. Miami’s newest lifestyle and entertainment destination has officially arrived.
Wynwood is home to over 70 galleries, museums and collections. It is consider as the Art District in Miami.
The Wynwood Walls has brought the world's greatest artists working in the graffiti and street art genre to Miami.
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
Genting’s Resorts World one of the largest mixed-used projects of modern days in Miami. 30 acre waterfront land and a 4 billion dollar phased development.
Perez Art Museum Miami already opened its doors to the public this past December. The site contains 200,000 SF along with The Patricia and Philip Frost Museum of Science, the sister installation is scheduled to open during early 2015. 29 acres and 500 million dollars to develop this site.
Miami World Center is a nine block mixed- use development, which will create a dynamic and vibrant urban core of diversity and excitement with a blend of exceptional retail, restaurants, entertainment, hotels, residential and commercial offerings in one unique location.
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
RECENT HIGH RISE DEVELOPMENT
The mix of large projects in Edgewater reflects the growing demand for condos. High-end condominiums, which were the key element of the housing bubble, are now once on top of the market. There are a number of projects that are currently under construction or are approaching shovel ready status. Of those properties that have already begun pre-sales, activity has been strong, with most properties selling over 90% prior to completion. Of the remaining for-sale developments, the delivery dates are several years away and expected to be well received by both users and investors.
Project Name Project Address Total Units Stories Product Type Completion Paraiso Bay 600 NE 31 ST 650 53 Condo 2017 Crimson 601 NE 27 ST 90 20 Condo 2016 Bay House 516 NE 26 TERR 164 38 Condo 2014 Biscayne Beach 701 NE 29 ST 399 52 Condo 2016 Icon Bay 470 NE 29 ST 300 40 Condo 2016 TOTAL 1,603
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113 Strategic Retail Corner potential for future AAA Tenants.
More than 2,000 High End Residential Development within a few blocks under construction directly behind and side of Subject Sale. Delivery 2015 &2016.
PARAISO BAY premium luxury development by Related will bring an urban oasis to BISCAYNE BEACH 399 city-beach-club residences Miami. Residents and guest will experience that t ake the coastal living concept vertical with their very own paradise with a park 52 stories of oversized balconies, floor-to-ceiling covering 5 acres along with 1000 ft of windows, and limitless views of the bay and linear water views. Open-concept flow- down town. Located alongside downtown Miami, thru contemporary floor plans featuring on the shores of the ultra-chic East Edgewater several choices of one, two, three and four bedroom residences delivered decorator neigh borhood, barefoot elegance has found its ready for maximum flexibility in interior new home at Biscayne Beach design. 690 Residential Units 399 Residential Units
BAY HOUSE features 38 floors and 164 exclusive residences, glass balcony terraces with panoramic Bay views. This residential development will also feature versatile, expansive floor plans, including a 2/3 + Den, 3/2.5 + Den and 3/3. Is located East of Edgewater in the heart of Miami, and is part of the hottest new neighborhood where parks, galleries, restaurants and shops are just a few steps away. East Edgewater is the place where trends are created and the style of living is defined. 164 Residential Units
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
RESIDENTIAL DEVELOPMENTS
CRIMSON Where the un expected becomes standard, and within 20 stories that encompass only 90 exclusive units, a rare balance between passion and reason has been mixed project in residences, penthouses and townhomes. Located in Edgewater, Miami’s hottest new district, with shops, restaurants, cafes, and clubs all nearby.
ICON BAY offering 40 stories and 300 units, Icon Bay is a private and exclusive luxury condominium located in the heart of Miami. Designed by the world renowned architect Arquitectonica, the Related group plans to build off the success of their flagship ICON line of premium luxury condos. The Icon line has produced some of the world most magnificent luxury condo towers such as Icon Brickell, Icon Vallarta, and Icon South Beach.
Exclusively Listed PAOLA VAZQUEZ Ion East is located right next to Subject for sale.
ION EAST EDGEWATER
Ion East Edgewater is a 36-story, eco-friendly, luxury condominium located in the heart of East Edgewater, Miami’s hottest new neighborhood, within minutes of the Wynwood Arts District, Midtown, the Design District, Brickell, the Downtown Arts and Entertainment District, Miami World Center and Brickell City Centre. ION will featuring 1, 2 and 3 bedrooms with 9’ft ceilings, Sky deck with panoramic views and rooftop pool, 75’lap pool on the 8th floor amenities deck with cabanas, massage area and outdoor summer kitchen. 150 Residential Units
Exclusively with Paola Vazquez Land on Edgewater, Miami, FL 33137 Vazquez L 113
RESIDENTIAL CONDO MARKET REPORT
Condo price indicators edged higher as days on market moved faster. Median sales price increased 4.3% to $1,200,000 as the entry threshold expanded 12.1% to $762,000 from the prior year quarter. Days on the market averaged 52 days.
*Elliman Report 3Q-2013
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
EDGEWATER PROJECTS
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
Crimson Biscayne Beach Paraiso Bay Bay House Icon Bay
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
SALES COMPARABLES
# Address Lot Size in Acres Lot Size in SF Sale Date Sale Price $/SF 1 3601 BISCAYNE BLVD 0.82 35,783 11/27/2013 14,910,000$ $ 417 2 4200 NE 2ND AVE 0.60 25,968 12/11/2013 8,800,000$ $ 339 3 2521 BISCAYNE 0.32 22,400 02/18/2015 $ 15 ,000,000 $ 669
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
LOCATION
SUBJECT
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
4 BLOCKS OF MIDTOWN SHOPS
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
Strategic Retail Corner potential for future AAA Tenants.
UNDER PLANS TO REMODEL
ICON BAY
The ION CRIMSON BAY EAST HOUSE
125 Feet Fronting Biscayne with 11,144 sq ft of Retail
ICOAY
Corner East of 27 St entrance to 3 Developments Ion East, The Crimson and Bay House
Exclusively Listed PAOLA VAZQUEZ Land on Edgewater, Miami, FL 33137 Vazquez L 113
CURRENT PROPERTY PICTURES
Replacement of Tenants AAA due to need to provide commercial to more than 2,000 residential units within 1 Mile
With Income from current tenants.( under a 6 months notice from owner notice to leave) Lease $65.00 x sq ft fronting Biscayne. 27 St Corner Side at $55.00/$45.00 x sq ft 5,000 sq ft
Brickell Magazine – Jan 3/2013
Exclusively Listed PAOLA VAZQUEZ