Marcus & Millichap Inc.
10/30/2024 | Press release | Archived content
Marcus & Millichap Facilitates $15.1 Million Sale of Major Development Site in Miami’s Edgewater District
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Marcus & Millichap Facilitates $15.1 Million Sale of Major Development Site in Miami's Edgewater District
October 30, 2024
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MIAMI, Oct. 30, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Vine on NE 35th Street, a 36,000-square-foot development site located in Miami's sought-after Edgewater district. The asset sold for $15.1 million.
"This was an excellent opportunity to acquire one of the last lots of this size in Edgewater. The northern area of Edgewater is becoming increasingly attractive, with several projects moving forward, ranging from Class A office space to condo hotels," said Ryan Shaw, first vice president investments in Marcus & Millichap's Miami office. "This is another sign that larger transaction velocity is increasing."
Shaw exclusively marketed the property on behalf of the seller, G&L Associates at 35th Street LLC. The buyer was procured by Ignacio Gonzalez-Arias of One Sotheby's International Realty.
The Vine on NE 35th Street, located at 404-436 NE 35th St., spans six parcels and is one of the last remaining sites of this size allowing for large-scale development in the Edgewater area. Zoned under Miami 21's T6-36A designation, the site provides the opportunity to build 124 residential units within 432,000 square feet and a height of 36 floors or 248 hotel units. Its location, just a block from Biscayne Bay, offers unobstructed waterfront views, as neighboring properties, such as Bay Oaks Home for the Aged, have been designated historic and cannot be redeveloped.
Edgewater, known for its luxury condominium and high-rise developments, is one of Miami's fastest-growing neighborhoods, near key districts like Wynwood, the Design District, Midtown, and Downtown Miami. The area has seen significant development, with luxury projects like Elysee, Missoni Baia, and Aria on the Bay transforming the neighborhood into a high-demand residential and commercial hub.
"This was an excellent opportunity to acquire one of the last lots of this size in Edgewater. The northern area of Edgewater is becoming increasingly attractive, with several projects moving forward, ranging from Class A office space to condo hotels," said Ryan Shaw, first vice president investments in Marcus & Millichap's Miami office. "This is another sign that larger transaction velocity is increasing."
Shaw exclusively marketed the property on behalf of the seller, G&L Associates at 35th Street LLC. The buyer was procured by Ignacio Gonzalez-Arias of One Sotheby's International Realty.
The Vine on NE 35th Street, located at 404-436 NE 35th St., spans six parcels and is one of the last remaining sites of this size allowing for large-scale development in the Edgewater area. Zoned under Miami 21's T6-36A designation, the site provides the opportunity to build 124 residential units within 432,000 square feet and a height of 36 floors or 248 hotel units. Its location, just a block from Biscayne Bay, offers unobstructed waterfront views, as neighboring properties, such as Bay Oaks Home for the Aged, have been designated historic and cannot be redeveloped.
Edgewater, known for its luxury condominium and high-rise developments, is one of Miami's fastest-growing neighborhoods, near key districts like Wynwood, the Design District, Midtown, and Downtown Miami. The area has seen significant development, with luxury projects like Elysee, Missoni Baia, and Aria on the Bay transforming the neighborhood into a high-demand residential and commercial hub.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.