Miami Commercial Real Estate Report From Blanca Hints At Increased Activity

The sale equates to roughly $281 per square foot of land. Ursus Inc., which has since merged into 22 CO, sold the property to 110 NE 23rd Street Realty LLC. The purchase adds to a run of land trades along the Edgewater-Wynwood line, where large, assemblable sites have become increasingly scarce as both neighborhoods have filled in with new development. The Edgewater Development Site is among the largest single parcels to change hands in the area this year. “This stretch between Edgewater and Wynwood is one of the last places in the urban core where you can still assemble more than an acre under one zoning designation,” said Cary Cohen, Executive Vice President at Blanca Commercial Real Estate. “When a site like that comes together, it draws real competition, and that’s exactly what we saw here.” The site sits at 50, 60, 68 and 76 NE 23rd Street and 49 and 51 NE 22nd Street, within an Opportunity Zone and zoned T6-8-O, which allows up to 300 units per acre with a density boost the Miami City Commission approved for the neighborhood. The parcels also qualify for additional height and density under Florida’s Live Local Act. The site sits between Wynwood and Biscayne Bay, a few blocks from Margaret Pace Park. “Edgewater is running out of sites this size,” said Cohen. “The neighborhood has pulled in real capital since 2020, and the parcels large enough to support a ground-up project of any scale are getting harder to find every year. Buyers who can move quickly on land like this are proving that out in real time.” Edgewater has drawn roughly $500 million in property investment since 2020, according to Blanca CRE, as projects including Aria Reserve, Missoni Baia and Cove Miami have delivered or broken ground nearby. Developers can unlock additional density through a payment into the city’s Resilience Trust Fund. Key Facts Sale price: $16.5 million Buyer: Melo Group Property type: Development assemblage Location: North Miami Avenue and Northeast 13th Street, near Miami’s Edgewater neighborhood Total land area: Approximately 35,000 square feet Zoning: T6-24a-O mixed-use zoning Development potential: Up to 24 stories, with additional height potentially available through bonuses Future plans: No development proposal was announced at the time of the sale Share this entry You might also like CBRE Arranges New HQ Lease For Crystal Cruises Risk Management Company Inks Miami’s Largest Office Lease Transaction YTD Blanca Commercial Finalizes 31,500 SF Office Lease With Auto Insurance Carrier Blanca CRE Inks Nearly 50K SF Of New Leases, Renewals At O Towers Related And Shoma To Develop Mixed-Use Project New 11-Acre Mixed-Use Development In Downtown Miami Signs Two Major Office Tenants

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