$10.5M Development Site On Biscayne Boulevard Hits The Market

MIAMI, FL — As the multifamily market remains strong in Miami-Dade County, a 3.2-acre development site on Biscayne Boulevard is up for grabs, according to a news release from Colliers International.

The property, located at 11240 Biscayne Blvd. in Miami, has a price tag of $10.5 million. It last sold in 2012 for $2.87 million, according to Realtor.com.

Colliers’ executive managing director Gerard Yetming, associate Julian Zuniga and director Mitash Kripalani are handling the listing on behalf of the seller, Alex Silberman.

“This is an exciting opportunity for investors in a market that is hungry for multifamily and mixed-use development,” Yetming said. “The development site is located in a highly desired retail corridor with access to many shops and restaurants, and uniquely positioned in a market that is seeing a scarcity of apartment inventory and available development sites.”

The development site currently has two different zoning designations with 2.17 acres zoned to allow for the development of 10 to 21 multifamily units per acre. The remaining 1.06 acres are zoned for commercial use, making the land ideal for a mixed-use development that could include residential, hotel, office or other commercial uses, according to the news release.

The site is conveniently located on Biscayne Boulevard, which connects Brickell, Downtown Miami and Edgewater to North Miami and Aventura. Miami’s hottest neighborhoods - Miami Beach, Wynwood and Design District - are all within a 15-minute drive of the property as well.

Strong economic conditions have supported robust growth in apartment rents over the last five years, according to Colliers. Within the South Florida multifamily markets, monthly rental rates have increased by an annual average rate of nearly 3 percent over the five-year period from 2015 to 2020, while rent growth in the Northeast Miami submarket has increased only 1 percent over the five-year period.

Occupancy rates and rental rates are expected to remain steady throughout the coming year as residents return to work and families from northeastern states move to South Florida balancing out existing tenants who move west to the suburbs in search of less dense areas.