Alex Sapir’s firm and its partners are re-listing their 1.5-acre assemblage in Miami’s Edgewater neighborhood for $38 million.
An affiliate of Israel-based Sapir Corp., which owns roughly 40 percent of the partnership; CNMB International, a Chinese construction company; and Hong Kong-based G-Resources, hired Berkadia to market the property. The assemblage at 210 Northeast 18th Street and 1768 Northeast Second Court hit the market in 2019 with CBRE. It’s near the Arts & Entertainment District.
The land is in an Opportunity Zone, according to the offering memorandum. A team led by Berkadia’s Omar Morales and Jaret Turkell has the listing, and a call for offers is expected in late September, Morales said.
The property is zoned T6-36B-O, which allows for 741 residential units and nearly 1.5 million square feet of development, with the potential for more with public benefit bonuses. A prospective buyer could also tap into the tax advantages of the federal Opportunity Zones program.
Mignonette Downtown, an oyster bar and seafood restaurant, is a tenant of the existing property, generating about $120,000 a year in rent. Its lease ends in May 2026, but could be canceled with 90 days’ notice, according to the offering memo. That portion of the property is designated historic, which would require that plans are approved by the city’s Historic & Environmental Preservation Board.
Morales said the property’s location in the southern part of Edgewater is more walkable, with nearby access to a Publix across the street, Margaret Pace Park and the Adrienne Arsht Metromover station.
The site could be developed into either condos, apartments or a combination of both. Morales pointed to rents of $6 per square foot secured at Forma, a recently completed Crescent Heights development on Biscayne Boulevard. That’s higher than $5.50-per-square-foot rents that condos are securing, and about $4.25 per square foot at apartment buildings in the area.
Sapir Corp. bought the site as ASRR Capital, when Alex Sapir, his then-partner and ex-brother-in-law Rotem Rosen and their Chinese and Hong Kong partners paid $33 million for the eight-parcel assemblage in 2017.
Plans for the site included two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 apartments, plus retail and office components.
A Rosen-led partnership plans to develop an assemblage just north of the property into a mixed-use high-rise project.
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