House in Miami, Florida 4 bedrooms, 98.94 sq.m. № 2282941

Property description

A rare opportunity to acquire a renovated income-producing property in the heart of Miami’s rapidly transforming Overtown neighborhood, with exceptional long-term redevelopment upside. The property is ideal for an owner-user or investor and benefits from highly desirable T6-8 O zoning, allowing 8 to 12 stories of development as of right. Even more compelling, under Florida’s Live Local Act, developers may have the ability to match the maximum height and density of nearby Miami Worldcenter properties located within a one-mile radius, creating substantial additional development potential. Directly across the street is The Walker, a $21.4 million workforce housing development being spearheaded by the City’s Southeast Overtown/Park West Community Redevelopment Agency and Krea USA, while adjacent to the property sits the historic People's BBQ, currently undergoing redevelopment and expected to reopen soon. Comparable development sites nearby with inferior zoning are listed as high as $1.5 million, highlighting the significant land value opportunity.