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January 20, 2016 / Johanna Bassols / 0 Comments / Investment Opportunities

Investment Property Available in Surfside

A 1-acre site, located at 9040 Collins Avenue has recently been listed and includes four buildings and a parking lot. With an asking price of $27 million ($626/square foot), it is being marketed as an investment property with the possibility of developing a luxury hotel on site. According to a recent article from The Real Deal, the site currently houses 45 apartments on 250 feet of Collins Avenue frontage with 50 feet on Harding Avenue. Zoning for the site, which happens to be across the street from the Surf Club Four Seasons in Surfside, includes condo (up to 79 units) or hotel (up to 108 hotel rooms) developments.

The property was last sold to the current owners, LLCs managed by Jose Nicenboim of Aventura, for $11.5 million between 2012 and 2014. Property records show that additional property on the same block is owned by Nadim Ashi’s Fort Partners, which happens to be developing the Four Seasons across the way. That project involves a nine-acre development, including two 12-story condo towers, an 80-room hotel, two restaurants, four swimming pools, cabanas, a gum, a private club, and oceanside gardens and park. The Four Seasons topped off about seven months ago and is scheduled for completion during the second quarter of 2016.

The community of Surfside has seen a significant increase in commercial sales as of late. A nearby bank and retail building (Harding Ave and 96th Street) was recently purchased by Benedict Realty Group for $18 million, and neighboring Bal Harbour Shops is currently planning a $400 million+ renovation and expansion. The luxury retail development is said to be adding a new entrance, wider sidewalks, a new canopy and landscaping. Another high profile development in the area is the Fendi Château Residences from The Château Group. Located at 9365 Collins Avenue, the project topped off last August and the opening is anticipated in June 2016.

For more information about available properties in Surfside and surrounding areas, please contact Oceanica Real Estate at (786) 270-1743 or info@oceanicarealestate.com.

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