Miami Sunrise Properties LLC

Edgewater Lot Sells For $11.5 Million

Site at 272 NE 34th St

A 37,000 square foot lot in Edgewater located at 272 NE 34th St has sold for $11.5 million, according to The SFBJ.

The lot was sold by Miami Sunrise Properties and purchased by 3350 Biscayne LLC.

The site is zoned for a 36 story building.

The Transformation Of Edgewater

Completed, Proposed and Under Construction Projects in Edgewater

In the Edgewater district of Miami, just North of Downtown Miami and located next to Biscayne Bay, was full of many early 20th Century homes in the style of classical revival. By the 1990's and early 2000's crime and homelessness was rampant in the area, but has undergone a dramatic change in recent years. 

Recently, many of the mid-rise apartments and single family homes have been torn down and replaced with luxury high-rises on Biscayne Bay. Developers such as The Related Group and Melo Group have built condos in the area and put their stamp on the area that is dramatically changing the Miami skyline.

Condos that have been completed in the past year are Bay House and Icon Bay.  

Condos that are currently under construction in Edgewater are The Crimson, which is nearly complete, Biscayne Beach, 2500 Biscayne, 26 Edgewater and the Paraiso mega project that includes, Paraiso Bay, One Paraiso, Gran Paraiso and Paraiso Bayviews.

Several projects in the Edgewater district have been proposed and are waiting to start construction in the near future. The 57 story Elysee will be the tallest building in Edgewater and has already opened a sales center nearby. 700 Edgewater recently demolished several buildings on a block of waterfront land and plan to reveal soon what they will build on the site. On the Northern section of Edgewater proposed buildings such as Spark Tower and The Bentley Hotel & Residences hope to break ground before the end of the year. An entire block was purchased last year by Miami Sunrise Properties, which includes a Wendy's restaurant on the site that will probably be flipped in the next year or two to a developer. Miami Sunrise Properties has already flipped land in West Brickell and signs indicate they will do the same with the Edgewater land.

Even with new condos popping up in the area, more condos will presumably be on the way as prime land in the area is still available in this desirable part of Miami.

Miami Sunrise Properties Purchases Entire Edgewater Block

Block Owned By Miami Sunrise Properties in Red

Miami Sunrise Properties purchased two properties in Edgewater between NE 33rd and NE 34th St for $4 million, according to The Real Deal. This gives them the entire block except for one building at 440 NE 34th Street.

In September 2014, Jose Alfonso Assumpçao of Miami Sunrise Properties purchased The Wendy's on that lot at 3333 Biscayne Boulevard for $12.5 million. 

In 2013 Assumpçao purchased land in West Brickell for $13 million and ended up flipping it in 2014 for $20 million. Construction on Broadstone Brickell is now rising on that land. 

The Transformation Of West Brickell - Part 2

West Brickell

The area West of the Metrorail tracks and East of I-95 in Brickell is typically known as West Brickell and this previous area of houses and low rise condos is continuing to change with new developments. 

Last year we looked at West Brickell and its transformation and many of those buildings under construction such as Vista Grande, City Heights, West Brickell View and City Crossings have been completed. A new wave of condos are being constructed or under development. 

On the Southern end of West Brickell Atton Hotel and Le Parc at Brickell are under construction right next to each other and what used to be low rise apartments. Both of these buildings just recently topped out.

Also currently under construction are SoMa at Brickell, Brickell View Terrance, Brickell Ten and Broadstone Brickell. Before construction began on SoMa at Brickell there was a low rise apartment complex that sat abandoned for many months before it was finally torn down. The 8 story building is almost near completion. On the Broadstone Brickell site, there was also an abandoned apartment complex that was vacant for over a year before it was eventually torn down. This land was originally purchased by Miami Sunrise Properties for $13 million  before being flipped and sold for $20 million to Alliance Residential Company. 

A project that will change the whole look and feel of the area is Miami River. Miami River will be compromised of four 60 story towers that will include residential units, hotel and office space. 

Recent purchases in the area within the past year include Millennium Developments ($16M), Brickell City Rentals ($10.5M), Marathon Lodging ($15.5M) and Optimum USA Brickell 2 ($25M). The purchased site of Marathon Lodging was supposed to be a Walgreens before being sold. For 8 years the site was home to an abandoned car wash. None of these developers have announced what they planned on building on these recently purchased sites. Whatever they plan to build, it will definitely continue to change the look and feel of the area.

Inside The Abandoned Apartments At The Broadstone Brickell Site

Abandoned Apartment in West Brickell

Before construction began at the Broadstone Brickell site, an apartment complex sat abandoned for almost a year before they were torn down recently. 

When the residents vacated, they left behind many belongings, including couches, T.V.'s and clothing. 

Eventually the whole complex was boarded up before the apartments could be vandalized. 

Construction Begins On Broadstone Brickell

Broadstone Brickell Construction Site

Broadstone Brickell Construction Site

After plans for Broadstone Brickell were revealed in September 2014, construction has begun on the site at 267 SW 11th St. The addition of the 372 rental condo is adding to the transformation of West Brickell from single family houses to condos. 

The land was originally purchased by Miami Sunrise Properties for $13 million, but was flipped and sold for over $20 million to Alliance Residential Company in November 2014 for the 1.9 acre site. 

The residential condo will rise 24 stories and Moss and Associates in the contractor for the project.

More Land In Edgewater Sells

Lot at 3333 Biscayne Blvd

Lot at 3333 Biscayne Blvd

A 43,133 square foot property in the ever expanding Edgewater district according to SFBJ. The site is located at 3333 Biscayne Blvd also includes a Wendy's restaurant. The lot South of the Wendy's between NE 33rd St. and NE 34th St is currently fenced off. 

The land is located just West of where Related Group is building the Paraiso Bay compound with four condo towers.

Miami Sunrise Properties also bought land across the street from their current purchase at 3360 Biscayne Blvd earlier this year.