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October 13, 2015 / Johanna Bassols / 0 Comments / Investment Opportunities

Development Site Available in North Miami Beach

In an effort to attract developers, the city of North Miami Beach has rezoned approximately 41 acres of land, 17.7 of which has just been made available for purchase. Located near Biscayne Boulevard, the property could support 2,300 residential units and 2.5 million square feet of commercial space, according to a recent Miami Herald article. The triangular lot is a former distribution site for Peoples Gas, and is bordered by Northeast 159th Street to the north, Northeast 19th Place to the west, and West Dixie Highway to the southeast. The seller, real-estate investor Jacob Elharar,  is willing to sell the entire parcel, or just part of it.

Just last March, the city of North Miami Beach rezoned the land to allow for high-density, mixed-use development. “The overall vision is to capitalize on the world-class location that we have here in North Miami Beach,” stated Mayor George Vallejo. “We had to change our codes in order to support people coming in, reinvesting, redeveloping.” Under current zoning regulations, a number of projects are now possible, including retail, commercial, hotel, office, and even a charter school. And the land is ready for construction to begin immediately.

Other big projects are in the works in the vicinity of the available parcel. To the northeast, a team of developers purchased the land that currently holds Dean’s Gold strip club for $23.5 million.  Privé Land Banking and CK Holding Group plan to redevelop there. Also, developers 13th Floor Investments and Key International have announced a project that will include two 32-story, luxury condo towers that will sit along the bayfront nearby.

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