237 NE 54 TH ST

PRICE

$ 8,112,000

Description

Buena Vista/Little Haiti 50,700sf Covered Land Play and TROPHY Development Site. Site consists of multiple folios totaling 50,700sf of T5 zoned land. The property is situated on the nexus of Buena Vista and Little Haiti, two urban core neighborhoods experiencing dramatic and sustained growth, and on the obvious and immediate path of development. Furthermore, the site fronts 54 st, a major east-west corridor with significant traffic and visibility, that connects the area quicky to all the major economic drivers and high-density population centers of the city. The site is on such a critical corner that it merits an epic development project. Current zoning allows by right 75 unit, but with recently passed Live-Local legislation, height can be raised to over 20 stories and unit counts can be raised to as many units as the site can hold, by reserving 40% of new units to 120% AMI, which is near market rents. Site is across and directly fronting Sabal Palm Village at Flagler Trail. This mega-project is proposed to span 5.9 million square feet across 22 acres, on the current site of the garden-style Design Place apartment complex at 5045 Northeast Second Avenue. Sabal Palm would consist of 168,011 square feet of office; 296,297 square feet of retail; a 400-key hotel; a 43,760-square-foot vocational school or community college; and 2,929 multifamily units. Unique local amenities include a Michelin Two Star restaurant across the street, Boia De. The site currently has several buildings which gross about $360,000 per year, providing cashflow until development is approved and ready to launch.

Details

Property Use:
Property Type:
Status:
Building Size:
Building Class:
Oportunity Zone:
Year Built:
No. Of Units
Property Subtype:
LOT SIZE:
50,700 SF
Parkin Ratio:
Price Per Unit:

Gallery

BROKERS

Giovanni Bertolotti

gb@faustocommercial.com

786 229 2419