Colliers Facilitates Sale Of Miami River District Development Site For $10M

As the Miami River District emerges as a prime investment destination due to revitalization efforts and a unique blend of commercial and residential offerings, Colliers facilitated the sale of North River Flatiron, a 0.73-acre development site, for $10 million.

The site comprises five adjacent parcels located along NW 14th Avenue and spans from NW 14th Street to NW 13th Terrace in Miami. Colliers Vice President Virgilio Fernandez represented the seller, Eddie Enis, and the buyer, Calta Group, in the transaction.

“The Miami River District is in the midst of a remarkable transformation, embracing mixed-use projects that redefine the concept of live, work, and play,” said Fernandez. “With the recent introduction of iconic features like the Miami Riverwalk, the expansive Miami River Greenway, enchanting parks, and thriving boatyards, the area is experiencing a vibrant resurgence.”

The property features 9,532 square feet of office space occupied by short-term tenants, providing an income stream while going through the entitlement process. The site is zoned T6-12-O, which allows for dense and flexible mixed-use development. The zoning allows for the development of 110 units with a maximum developable area of up to 333,913 square feet. Located within a Rapid Transit zone, the property allows up to 500 units an acre upon county approval. The property’s zoning also permits several uses by right, including residential, hotel, office, and retail.

“This sale establishes a new benchmark for the highest price per buildable unit in Allapattah and emphasizes the enormous appeal and interest this thriving district has generated among developers and potential residents. We are pleased to represent Mr. Enis once again. Last year, we set a new benchmark with a record-breaking $15 million sale to Alta Development as well.” said Fernandez. “The cash deal stands as a thrilling testament to the promising future of this dynamic neighborhood.”

North River Flatiron provides prime access to major highways and key market drivers, including River Landing, The Wharf, LoanDepot Park, Block 55 at Sawyers Walk, Riverside Wharf, Miami River Greenway, and more. The property is between the Miami Central Business District and the Miami International Airport, just one block north of River Landing, a luxurious 370,000-square-foot mixed-use project comprised of retail and multifamily. The property is also within the Miami Health District, the second-largest medical district in the nation. The district boasts over two million square feet of hospitals, laboratories, and research facilities.

The buyer, Calta Group, is a vertically integrated investment and development firm focused on value-oriented investments in Florida. With a development pipeline valued at over $300 million, the firm is dedicated to driving strategic growth and opportunities. Calta Group plans to develop a luxury residential project at the site.

The Miami River District, specifically the area just north of the river up to Northwest 21st Street and bordered by Northwest 14th Street to the east and Northwest 17th Avenue to the west, has experienced a development boom in recent years. River Landing kick-started development in the area, which delivered 407,800 square feet of retail, 149,000 square feet of office space, and 528 multifamily units in 2020. Since then, new supply in the immediate area has grown to 411,000 square feet of retail space and 800 multifamily units. Furthermore, there are currently 455 multifamily units under construction, with another 1,760 units proposed.