MIAMI | 99 Riverside | 80 FLOORS

[GoldenDuskPhotograph]

2.1 Acre Site, 99 Riverside, Listed For $90.5M

https://www.goldenduskphotography.co...isted-for-905m

[chris08876]

Developer could build an 80-story tower with 1,400 residential units on the 2.1-acre site

One of the last remaining large-scale development sites in Miami’s Brickell neighborhood just hit the market and could fetch more than $90 million, according to the listing broker.

The Trust of Norman Superstein and Benzol Properties Corp. combined three parcels totaling 2.08 acres next to Brickell City Centre, where properties sell for more than a $1,000 per square foot, said listing broker Michael Fay of Avison Young. At 90,558 square feet, the property at 99 Southwest Seventh Street, 625 Southwest First Avenue, and 66 Southwest Sixth Street, could sell for more than $90.5 million.

Avison Young’s John K. Crotty, David Duckworth, Brian de la Fé, and Berkley K. Bloodworth are also listing the property.

There are few large development opportunities left in Brickell, which is home to a number of high-end luxury condo and office buildings. The area commands some of the highest office rents in Miami, with an average asking rent of $55.25 in the first quarter, according to report from Avison Young.

The site for sale, known as 99 Riverside, could include an additional 32,720 square feet if the buyer is able to vacate roads connecting the parcels, according to a press release. This means the site could sell for more than $120 million, based on Fay’s projection of $1,000 per square foot.

With T6-48B-O zoning, a developer could build an 80-story tower with up to 1,400 residential units, as well as hospitality, retail, and office space.

Benzol Properties, which is managed by Bernard and Jerome Herskowitz, bought the waterfront parcel at 99 Southwest Seventh Street for $1.5 million in 1987. The Trust of Norman Superstein bought the two parcels at 625 South First Avenue and 66 Southwest Sixth Street for an undisclosed amount.

The properties are currently home to River Dry Cleaners and KLA Elementary School.

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TRD

[chris08876]

Credit: NXT

[dave8721]

This isn't really an 80 story proposal, just that a property is for sale that is zoned to allow 80 stories.

[chris08876]

That T6-48B-O zoning is great. Let's hope something big rises. I'm a fan of 1000+ unit developments.

[chris08876]

ARCHITECT REVEALS CONCEPT DESIGN FOR FOUR TOWERS AT 99 RIVERSIDE IN BRICKELL

Up to four towers could rise on a riverfront lot known as 99 Riverside in Brickell, under a concept design prepared by architect Palma.

The architect wrote on social media that the design was created in partnership with broker Avison Young, which is marketing the property.

A tower of up to 80 stories can be built on the property.

A developer may need to secure approval for a street closure in order to build as shown in the concept, however.

The property was listed for sale last month.

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NXT