An out-of-town developer boasts he’s however committed to creating a mega-task in Miami. So why would Ben Beitel go by means of the problems of employing a commercial brokerage to market place his total blocklong site?
In a current cellphone interview, Beitel insisted his eponymous Brooklyn-based agency is not genuinely fascinated in advertising the approximately 3-acre improvement web-site in Edgewater.
“It is total velocity in advance,” Beitel mentioned. “It is not even a query. We are acquiring demolition bids now. We adore Miami.”
Still, Beitel Team just lately stated the 12-large amount assemblage at 3333 Biscayne Boulevard with an asking cost of $75 million, an supplying obtained by The Actual Deal exhibits.
The 26-page document, prepared by Miami-based mostly Apex Funds Realty, touts 3333 Biscayne Boulevard as the “only readily available web-site remaining in Edgewater of this magnitude with permitted site designs.”
Apex’s Francisco Rodriguez and Miguel Pinto are advertising and marketing the assets on behalf of Beitel Group, the presenting states.
The assemblage at 3333 Biscayne Boulevard is not for sale, Beitel insisted. “We employed Apex to do a valuation,” Beitel said. “We want to recognize the value.”
Pinto did not respond to textual content messages inquiring if Apex has a normal exercise of putting out choices to attain a “valuation” instead of a sale.
Although he would take into account selling at the right cost, Beitel reported his company is even now fully commited to building a 3-tower, mixed-use challenge on the full town block. In 2022, Beitel acquired the 2.9-acre assemblage for $46.8 million and entered into a joint enterprise with Dever-based multifamily developer Aimco. At the time, Beitel and Aimco mentioned the planned combined-use undertaking would also incorporate floor-flooring retail and office space fronting Biscayne Boulevard.
His business owns 80 per cent of the venture, Beitel claimed.
An Aimco spokesperson did not reply to a ask for for comment.
The Beitel assemblage joins a myriad of Miami and Miami Seashore advancement web pages that have hit the current market given that December. In some scenarios, the internet sites are shovel ready, even though most of the houses have at the very least an approved internet site approach.
The web page at 3333 Biscayne Boulevard is authorized for a 1.5 million square-foot enhancement consisting of 3 buildings with a optimum top of 41 tales, the featuring states.
The assemblage consists of 12 tons, with 50 percent the houses consisting of a shuttered Wendy’s speedy-food items restaurant, 4 single-family members residences and a 26-device apartment developing that are all earmarked for demolition, the presenting states.
The internet site at 3333 Biscayne Boulevard is on the exact same block as the Hamilton on the Bay apartment tower owned by Aimco that the company is renovating. Aimco is also preparing a 60-tale multifamily creating with 241 flats and 4,700 square toes of retail space adjacent to Hamilton on the Bay.
