Waterfront Lot in North Beach Sold!April 2, 2014
6800 Indian Creek Drive
With the successful sale of the Eden House & Peloro Condos just south, the interest for this vacant lot at 6800 Indian Creek Drive increased and it was just sold earlier this year for $11,250,000. The views over the waterway towards Biscayne Bay are spectacular. In the past, this lot was slated for redevelopment as the Bel Aire on the Bay, designed by Kobi Karp. Looking at some previous data on the project, it would have had approximately 80 residences with a rooftop. The renderings below show no parking pedestal, similar to 6000 Indian Creek, where all the parking is pushed below ground instead of building above and blocking the view corridors. If the same design is preserved by the new owner, each floor would have a total of 6 residences with the waterfront units configured as a 3 bedroom at almost 1400 sqft of living area and 235 sqft rotunda terrace facing the water, the middle units as a 2 bedroom at 1173 sqft with 3 terraces angled towards the water, and the east facing units as a 1 bedroom at 905 sqft with a 300+ sqft rotunda terrace. The building would have reached 14 stories.
Reviewing the numbers, this 46,275 sqft lot (1.06 acres), is zoned RM-2, which allows medium density multi-family. The Floor Area Ratio (FAR) for this parcel is 2.0, so without yet taking into account other restrictions, the buildable square footage for this property is just over 92,500 square feet. Taking this into consideration, and that an investor looking to build is most interested in the potential, this sold at $121.56 per buildable square foot. The other requirements for new construction is height, number of floors, and set backs, all of which the renderings from Kobi Karp adhere to perfectly.
The days of this vacant lot sitting idle in North Beach are numbered. Given it’s key location near the beach and seeing the successful sale of nearby projects including Canyon Ranch, now is definitely a great time to build. If you’re in the market for a development site and feel you missed out on this sale, there’s still some great opportunities in North Beach to make your mark. Urban Resource knows about all of them. Give us a call or stop by our office in the neighborhood. Just don’t wait too long…