A mid-rise condo building in Surfside has recently been listed with a minimum bid of $13.5 million. According to a recent article from The Real Deal, the property, which houses 12 units, is located at 8900 Collins Avenue and is being marketed as a redevelopment opportunity. The Surfside listing sits on the non-waterfront side, just a block from the much anticipated Surf Club Four Seasons project that is currently in the works.
The current owners of the building and the condo association have already signed off on the listing. Bids will be accepted until March 28 at which point potential buyers are expected to put down a 5% deposit along with proof of financing. Building owners will then determine a winner. The new owner will have several options with their new property, including renovating the existing 15,000-square-foot building, building a new parking and pool structure, or purchasing the buildings to the north of the lot for a larger-scale development option.
The oceanfront town of Surfside is situated between the city of Miami Beach to the south and the village of Bal Harbour to the north. The quaint community is home to approximately 5,800 residents who enjoy easy access to world class shopping, beautiful public beaches, several public parks, playgrounds, tennis courts, and recreational facilities. And because Surfside is located in close proximity to the excitement of South Beach and downtown Miami, new development in the area has exploded in recent years. Developers such as the Chateau Group, Fort Capital Management and JMH Development are all working on residential and mixed-use projects in the area, causing land prices to surge.
For more information about available properties in the Surfside and surrounding areas, contact Oceanica Real Estate at (786) 270-1743 or firstname.lastname@example.org.