Dealmaker: Avison Young Closes $105M Miami Sale
Avison Young’s Florida Capital Markets Group completed the $105 million sale of Biscayne Place, a three-acre residential and mixed-use development property.
The property at 1700 Biscayne Boulevard in Miami’s Edgewater neighborhood sits just north of the city’s Arts & Entertainment District.
Miami-based development firm Melo Group purchased the city block-size property in an all-cash deal with plans to build apartments, condominiums and retail spanning four 60-story towers.
Avison Young Principals Michael Fay, John Crotty and David Duckworth, Vice President Brian de la Fe and Associate Berkley Bloodworth represented the Fort Lauderdale-based seller James Goldstein. Global Investments Realty Principal Joel Rodriguez represented buyer Melo Group, Miami.
“At $69,000 per buildable unit, the Biscayne Place sale marks the highest price per square foot for any non-waterfront property in Miami’s Arts & Entertainment District and the second-highest in Edgewater,” said Fay.
Fay noted the transaction underscores the high demand for apartments, which continue to garner record rental rates throughout South Florida. Avison Young research indicates metro Miami’s projected population growth will approach 10 percent in the next five years due to domestic and international migration. The Edgewater submarket currently outperforms both the greater downtown and the Miami-Dade County markets in rent growth and occupancy.
Positioned between Biscayne Boulevard and Northeast Second Avenue and between 17th Street and 17th Terrace, the site sits in an Opportunity Zone that ranks in the top 1 percent nationally in terms of population growth and total retail sales. It currently houses a Burger King, a two-story mixed-use commercial building, a house converted for commercial use, parking lots and several vacant parcels.