Developer puts last vacant Ocean Drive lot on the market for $11M

Developer puts last vacant Ocean Drive lot on the market for $11M

Thursday, February 16, 2017

Aerial view of property outlined in red. Inset: Listing brokers Simon Banke and Jaret Turkell

The last available lot on Ocean Drive hit the market for about $11 million, listing agent Jaret Turkell told The Real Deal

Yair Wolff

Sea Spray Development LLC, a company controlled by Yair Wolff, owns the development site at 304-312 Ocean Drive, in the South-of-Fifth neighborhood of Miami Beach. Wolff, the founder of W Capital Group and one of the developers behind L’Atelier Residences, paid $6.3 million for the two lots in 2013.

“It’s the last lot available on Ocean Drive. Obviously, the condo market has slowed a little bit but given that it’s the last site, it should attract attention,” Turkell, of HFF, told TRD. He expects the 11,500-square-foot site to sell for about $11 million, which breaks down to $957 per square foot.

The land is caddy corner to the Marjorie Stoneman Douglas Park, a beachfront 2.5-acre public park. It could be developed into a five-story, 21,125-square-foot residential or hotel project with 100 feet of frontage along Ocean Drive, according to the offering memorandum. In 2014, the Miami Beach Historic Preservation Board approved the demolition of the Biltmore and Seaspray apartments, and the owner hired Revuelta Architecture to create a site plan for a four-unit luxury townhouse development.

Turkell, managing director of investment sales at HFF, and associate Simon Banke are listing the property.

Nearby developments include David Arditi’s 321 Ocean Drive and Glass, developed by Terra Group – both completed in 2015.

Wolff is developing L’Atelier at 6901 Collins Avenue with SMG Management and the Disney Family’s Shamrock Holdings. The 23-unit boutique condo project is about 60 percent sold, according to the latest ISG Miami report. It broke ground at the end of 2015.


Source: The Real Deal