Avison Young Lists Portfolio of Five South Florida Development Sites For $80 Million

Avison Young’s Florida Capital Markets Group has been exclusively selected to sell five South Florida development sites totaling ±13.5 acres, representing potential for nearly 1,000 new multifamily units. The listings can be packaged together as a portfolio for $80 million combined and underscore increased investor confidence as Florida sees an uptick in new out-of-state buyers.

The investment opportunities include 3550 Biscayne, a Fort Lauderdale Beach development site, an Oakland Park development site on Fort Lauderdale’s main retail corridor, a Dania Beach development site and a Miami Gardens development site near the Palmetto Expressway. Michael T. Fay will lead the sales of the development sites along with Avison Young Principals David Duckworth; John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. 

“We’ve seen continued interest in investments, particularly in land,” said Fay, Principal and Managing Director of Avison Young’s Miami operations. “It’s easier today to assess risk for land which better positions the future developments of those types of deals.”

“The increasing number of New Yorkers and residents from other large cities migrating to Florida due to effects of the pandemic is one major factor contributing to the investment interest we’re seeing,” added Fay.

3550 Biscayne is a 1.62-acre mixed-use development assemblage encompassing two bocks at the intersection of Biscayne Boulevard and N.E. 36th Street. The property, located at 3550 Biscayne Blvd. in Miami, Florida, rests on the edge of Miami’s Edgewater, Midtown, and Design District neighborhoods. An investor could construct an iconic 60-story tower with multiple uses, including up to 392 residential units.

The Palmetto Expressway development site is a 1.32-acre development site at 3700 N.W. 167th St. in Miami Gardens, Florida. The property could potentially host an impressive 10-story structure with up to 132 multifamily units, office, and retail components. 

The Fort Lauderdale Beach development site is a 1.25-acre development site at 2908 E. Sunrise Blvd. on Fort Lauderdale Beach, steps from the Atlantic Ocean. The site has potential for a 12-story mixed use project consisting of retail, multifamily, and hotel uses. 

The Oakland Park property a 2.11-acre site plan approved for a project known as O2, a mixed-use development located within Fort Lauderdale’s premier retail corridor at 3411 N. Federal Highway in Oakland Park, Florida. The property is approved for 165 residential units with world-class amenities, 31,705 square feet of ground-floor retail and a parking garage. 

The Dania Beach development site is a 7.2-acre site plan approved for a six-story, 275-unit apartment complex. The property at 4200 S.W. 54th Court in Dania Beach, Florida, is walking distance from the Seminole Hard Rock Casino and Hotel. The offering presents the opportunity to develop rental apartments and capitalize on the imbalance of high demand and lack of supply within the area. 

The five development sites come to market on the heels of another recently launched South Florida listing: Le Jeune Station, a 2.79-acre site priced at $16.5 million near Miami International Airport and Coral Gables.

For more information about the portfolio or any of the sites, private showings or purchasing/ leasing information please fill out the form below:

Pulte Group to Redevelop Former Golf Course in Oakland Park

National home builder Pulte Group has submitted a smaller development proposal for the former Oak Tree Golf Course, a 139.2 acre site in Oakland Park that they have under contract from Blackwood Partners. The trend of golf courses being repurposed is a familiar story line in South Florida due to high operation and maintenance costs. According to Marty Kiar, a Broward property appraiser, at least three of 45 golf courses in the county have closed in the last five years.

Residents of Oakland Park raised concerns about density and traffic in response to the original 850 home proposal, which Pulte Group downsized to 288 homes and 117 townhouses. The revised plan also preserves 40 acres for green spaces and fitness trails, and includes a buffer zone to separate the community from existing homes near the greenway. The defunct Oak Tree Golf Course stopped operating about ten years ago.  

The development is pending Broward County’s approval for the land-use change and site-plan application, represented by attorney Dennis D. Mele. Prices for the townhouses would start in the $300,000s and range from $400,000 to $600,000 for the one and two-story homes.

Article by: Katya Demina