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| Rendering of Planned Bel-Air Lofts, 4920-4940 NE 2nd Avenue, Buena Vista, Miami, FL |
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| Scott C. Sandelin |
MIAMI, FL, Feb. 22, 2016 – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, has obtained the exclusive right to
market Bel-Air lofts in Buena Vista located at 4920-4940 NE 2nd Avenue , a
mixed-use development opportunity of four vacant land parcels located in
Miami’s Buena Vista/Design District neighborhood.
“This is a unique opportunity for a
developer to acquire one of the last and largest development sites available in
the Buena Vista submarket,” says Scott
C. Sandelin, a vice president investments in Marcus & Millichap’s Miami
office.
“The current ownership
successfully obtained waivers for three years allowing ingress and egress to
the commercial and residential buildings through Northeast 50th Street.”
Sandelin and Jonathan De La Rosa, an associate also in Marcus & Millichap’s
Miami office, are representing the seller, a limited liability company from
Miami.
“Due to the high rental rates in
the Design District, many retailers are considering moving operations just
north to Buena Vista where rents are significantly lower,” says De La Rosa.
“There are four new projects proposed or being developed along Northeast 2nd
Ave.”
The four vacant land
parcels on the northwest corner of 50th Street and Northeast 2nd Ave. total
25,437 square feet of which 18,537 square feet are zoned T4-L and 6,900 square
feet are zoned T4-R. Architectural plans call for 12,800 square of retail in a
two story mixed-use structure along Northeast 2nd Ave. and a three-story residential
building with nine luxury townhomes and 74 underground parking spaces.
For a complete copy of the company’s news release,
please contact:
Kirk Felici
First Vice President,
Miami
(786) 522-7000
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