Colliers’ Mitash Kripalani Sells Another Edgewater Land Parcel For Assemblage/Project

Jun 13, 2019 No Comments by

Colliers International South Florida broker Mitash Kripalani just sold an 11,550 square foot parcel in the heart of Edgewater for $3 million, or $260 per foot. He was the listing agent together with his Colliers colleagues Gerard Yetming, Julian Zuniga, and Virgilio Fernandez.

The transaction closed Tuesday, June 11.

Rena Kliot with Pulse International Realty represented the buyer, an entity tied to DLC Capital Management, a family office in Miami.

The seller was 4th Avenue Edgewater LLC.

The site is located at 2939 NE 4th Ave & 412 NE 30th Street. The buyer is the same entity that acquired a 1.17-acre site at 2927 NE Fourth Avenue for $13.65 million on May 20th. The buyer plans to assemble both sites for future development.

 

“Land in Edgewater still remains desirable and attractive to many developers due to its favorable zoning and close proximity to Downtown Miami and the beaches,” Kripalani said. “Due to the scarcity of land in this area, we are seeing tremendous demand for the last remaining ready-to-build lots in this neighborhood.”

The site, which is next to Paraiso Bay, is zoned T6 – 36. That allows for 150 units per acre. Because the parcel is 11,550 square feet, the buyer would be allowed to build up to 34 units, Kripalani said. Since this is a boutique development site with tremendous potential and zoning the buyers will explore the possibility to develop a creative mixed-use residential project on this site as well as the adjoining parcel, he added. The land that the same buyer acquired on May 20th will allow the developer to build up to 16.8 times the property land square footage or 852,600 gross square feet and 60 stories (including bonuses). The allowed density for this zoning code is 150 units per acre or 174 residential units (349 hotel units.)

 

 

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