Avison Young to sell portfolio of two transformative development opportunities totaling ±19.4 acres and offering nearly ±4 million buildable SF on Miami’s famed Biscayne Boulevard
December 22, 2022
Major development site for sale includes former Immigration and Naturalization Service building
MIAMI – Avison Young’s Florida Capital Markets Group has been exclusively tapped by Michael Goldberg, a court-appointed receiver, to sell Biscayne 85 and Biscayne 79, two prime development opportunities at 8500 Biscayne Blvd. and 7880 Biscayne Blvd., respectively, totaling ±19.4 acres in Miami. The properties, which offer nearly ±4 million buildable square feet, are ideally located at a high visibility intersection in the heart of Biscayne Corridor and directly in the northern path of high development growth extending from Greater Downtown Miami.
“The development sites, from location, size, and zoning, represent an idyllic mixed-use land assemblage,” said Michael T. Fay, Principal and Managing Director of Avison Young’s Miami operations who leads the team managing the sale. “The rarity in today’s market for an opportunity this size, situated within one of Miami’s bustling corridors, coupled with the potential to build office, retail, residential, and hospitality components, will attract prospective buyers from all over the world.”
The first property, Biscayne 85, offers ±15.9 contiguous acres with aggressive zoning located partially in the town of El Portal and partially in the City of Miami. With in-place zoning for vertical mixed-use construction, Biscayne 85 can accommodate a massive, planned development comprising ±3.45 million square feet of buildable space and ±2,380 residential units.
The second property, Biscayne 79, known as the former Immigration and Naturalization Service location, offers direct frontage to the hard corner of Biscayne Boulevard and 79th Street. Biscayne 79 includes a contiguous ±2.6-acre parcel and a non-contiguous ±0.9-acre parcel with water frontage along Little River. Both parcels are zoned T6-8, allowing for the construction of 500 residential units in addition to commercial uses across two towers built to a height of up to 12 stories, and a total buildable area of ±889,000 square feet.
Along with Fay, Avison Young Principals Jay Ziv, CCIM, SIOR, ALC; John K. Crotty, CCIM; David Duckworth; and Vice President Brian C. de la Fé will spearhead the marketing and sale of the property.
Over the past 2.5 years, Miami has become a Tier-1 American city, on par with New York City and Los Angeles. It was ranked the fifth-most walkable of the largest cities in the U.S. in 2022.
According to proptech platform AVANT by Avison Young, Orbital Insight, Miami is outperforming most top U.S. metropolitan cities, including New York, as far as daily visitors to the city’s downtown urban core. Additionally, high-income earners and some of the most successful financial services, technology and cryptocurrency firms continue to relocate to Miami from other major metros. Rents across commercial real estate asset classes in Miami are at all-time highs, and development sales continue to break records.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.