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North Miami Beach is undergoing a rapid transformation. Initially incorporated in 1927 and formerly known as The City of Fulford, it was renamed as North Miami Beach in 1931. Although the name contains “beach”, the city no longer has any beaches within its limits, however the beaches are footsteps away. The majority of real estate was built between 1950 and 1980; however until recently, developers were not very interested in bringing new projects to North Miami Beach due to strict zoning regulations that did not allow for tall buildings. Last year, The North Miami Beach City Council amended regulations that now allow for higher density buildings along Biscayne Boulevard and 163rd Street. Additionally, tax incentives are available to developers of commercial projects in certain areas of the City. Investors are now highly interested in North Miami Beach because of the cheaper land prices in comparison to its neighboring upscale communities like Sunny Isles Beach and Aventura. Development land is currently available for as little as $15 per square foot, and residential housing starts at $100 per square foot.
Below are highlighted examples of some current and planned major projects in the city:

# Project Name Address Description Today (1/7/2016) When finished
1. Marina Palms Yacht Club & Residences 17201 Biscayne Blvd The project started in 2012. The first of two 25 floor towers was completed in 2015, and the second tower is scheduled to be completed later in 2016.
2. The Harbour 16385 Biscayne Blvd 13th Floor Investments and Key International acquired land for $30.5 million at the intersection of Biscayne Boulevard & 163rd Street. The developers plan to build 425 residential units in two 32-story buildings. The project is already more than 70% sold.
4. Riverwalk 16375/16395 Biscayne Blvd A group of developers acquired 4 acres at the intersection of Biscayne Boulevard & 163rd Street for a combined $36.2 Million and plan to build more than 1.5 Million square feet for a 3 tower mixed development project to include 730 residential units, 177 hotel rooms, and about 10,000 square feet of commercial space.
5. Rental Community 2145 NE 164th Street Aventura Property Holdings plans to build an 8-story rental community consisting of 349 residential units totaling 304,598 square feet, and 10,985 square feet of ground level commercial space at the site.
6. Cambria Hotel 16300 NE 19th Avenue Argentine developer plans to build upscale 11-story 231,045 square feet hotel branded under Cambria Hotels at a .86 acre lot.
7. Canal Office Building 3363 NE 163rd Street The same developer started construction of a 7 story 66,064 square feet office building.
8. 164th Ave Project 1700 NE 164th Avenue In 2015 a group of Argentine developers purchased a one-acre-plus parcel for $2.15 million with plans to build a 30-story building.
9. Biscayne Village 15780 W Dixie Highway A mixed development project is planned to be a 17-acre development site which would allow for up to 2,300 residential units and 2.5 million square feet. The project is for sale, and already attracted offers in $30 to $50 million range.
10. Taylor Park 15458 W Dixie Highway The City of North Miami Beach is planning a public waterfront park on a former landfill site after environmental remediation.
11. Acqua on the Bay 4098 NE 167th Street A group of developers plans to construct 12 residential units in four-story condominium.
12. Intracostal Mall 3501 NE 163rd Street Gil Dezer, President of Dezer Development, purchased the Intracostal Mall for $63.5 million in 2014 with plans to redevelop the mall’s 27-acre site and add a minimum of 600 residential units.

Amongst other news in the areas nearby, additional significant developments include:

# Project Name Address Description Today (1/7/2016) When finished
13. SoLē Mia Biscayne Landing Blvd A partnership between LeFrak and Turnberry Associates plans $4 billion master-planned community at the 183-acre site. The project will include 12 residential buildings with 4,390 residential units, 1 million square feet of commercial space, and 37 acres of parks.
14. Maule Lake NE 174th Street 174 acres of lake is offered for sale at $23.5 million. Located in both North Miami Beach and Aventura is protected waterland that has deep water access to the intercostals and has an average depth of 10 feet.
15. Prestige Imports 15100-15200 Biscayne Boulevard A company tied to luxury car dealership Prestige Imports paid a combined $14.9 for the 2.13-acre site.
16. North Miami Business Park 1922 NE 149th Street 12-building 214,000 square feet industrial complex was sold for $21.75 million.
17. Grand Island & Brentwood Apartments 1495-1551 NE 167th Street A portfolio of nearly 700 rental units was sold for $28 million.

 

There are countless attractive investment opportunities today in North Miami Beach with so many options to choose from, and we included some properties in our weekly commercial alert for your consideration. We encourage you to join our exclusive mailing list to be the first to learn about our hand-selected investment opportunities.