A retail development site in Miami’s Edgewater neighborhood traded for $64 million, or $200 per square foot, to a well-known businessman.
The 7.35-acre site at the northwest corner of Northeast 17th Street and Northeast Second Ave. was previously approved as Bayview Market with 653,659 square feet of retail, a 2,047-square-foot gym/spa and 24 apartments. The seller obtained approval in 2009 but didn’t start construction.
BDB Miami LLC and 110 Avon, a partnership between Atlanta-based BDB Realty and Redwood Capital Investments, sold the property to Rebuild Miami-Edgewater, which is headed by Richard Meruelo. The deal included $34 million of seller financing.
Meruelo was the co-founder and chairman of EVOQ Properties, which was sold in 2014 to Atlas Capital Group and Square Mile Capital Management. EVOQ was one of the largest property owners in downtown Los Angeles. He’s also part of the Cuban American Meruelo family, which has owned the Deauville Beach Resort in Miami Beach for many years.
The deal was brokered by CBRE’s Gerard Yetming, Robert Given, Zachary Sackley, Casey Rosen, Dennis Carson and Tim Gifford.
CBRE said the site could be zoned for up to 3 million square feet of development. Edgewater has a host of new condo towers rising along Biscayne Bay.
“BDB Miami is the perfect canvas for a visionary developer,” Yetming said in a news release. “Population growth for the one-mile radius around this site is forecast at nearly 10 percent over the next five years. With this acquisition, the buyer has an opportunity to capitalize on all of the new energy associated with Miami’s most transformative commercial real estate development projects.”