South Beach Development Site with Multifamily, Retail hits Market

South Beach dev site with multifamily, retail hits market
1568 Washington Ave., Miami Beach (Credit: Google Maps) via www.therealdeal.com

The 1.4-acre site, at the southwest corner of Washington Avenue and 16th Street, includes multifamily and retail buildings

A development site in the Flamingo/Lummus neighborhood of South Beach hit the market and could sell for at least the mid-$30 million range, according to the listing brokerage.

The site includes seven multifamily and retail buildings on 1.4 acres at the southwest corner of Washington Avenue and 16th Street in Miami Beach. It includes 98 apartments and about 10,600 square feet of retail across 13 spaces, for a total of almost 64,000 rentable square feet, according to Marcus & Millichap, which has the listing.

The unpriced portfolio was built over 40-plus years by the owner, according to a release. The seven buildings are owned by Gladisco Inc., headed by Roberto Datorre, records show. The buildings date back as early as the 1920s.

Notable tenants include the Chalan on the Beach restaurant, the Bikini Chic swimwear store, and a cyber cafe.

Marcus & Millichap’s Evan P. Kristol, Felipe J. Echarte, and Marc E. Strauss have the listing. Kristol said in a statement that the firm expects the bulk of the interest from buyers to be “in the mid to upper $30 [millions].”

 
Read the full story: wwwtherealdeal.com

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