→ Irreplaceable South Beach Location 5th Street and Collins Ave
→ Opportunity to purchase 6 out of 30 condo units
→ Rare South of Fifth Short Term Hospitality Zoning
→ Gateway To Miami Beach | Last Vehicular Trafficked Corner Before Arriving To Ocean Drive
→ One Block from World Class Beaches
→ Minutes From Newly Renovated Miami Beach Convention Center
→ Future Redevelopment Potential
The Porosoff Group of Compass Commercial is proud to present the opportunity to acquire 6 out of the 30 condo units located at 441 Collins Ave in the Southern Star Condo. The units currently being marketed are 2,5,7,10, 12A, and 19. Units 2, 5, 7, and 19 are each 420 rentable square feet, while 10 and 12A are 450 rentable square feet each. There are an additional 24 units at the property.
Strategically located on the hard-signalized corner of Collins Avenue and 5th Street, the property benefits from being the last vehicular intersection before arriving at the beach. Collins Avenue and 5th Street are one of South Beach’s busiest North-South and East-West corridors, providing incredible visibility on an iconic south Beach location with high traffic counts and foot traffic. Sitting on a 19,500 SF lot zoned RPS-3 and built-in 1965, there is a much higher and better use in assembling all the remaining units and redeveloping the property with a new modern building.
Under current zoning standards (RPS-3), the existing building is zoned to allow short-term rentals despite being in the “South of Fifth” neighborhood which has typically prohibited short-term hospitality. Additionally, with a total redevelopment, the development would have 1.75 FAR, or 34,125-floor area, which could translate to 70-75 rooms, 3,500 SF retail, and 35 parking spaces.
South Beach has experienced years of booming economic growth and development and is a go-to destination for domestic and international tourism, drawing millions of visitors yearly. The Miami Beach Convention Center, which recently completed a $620 million renovation and expansion, will attract new national and international events and conventions. Additionally, numerous new and existing developments are underway within the immediate area, including Five Park, Baptist Health Miami Beach, Euclid Garden Hotel, Hotel Urbanica, Washington Squared, Miami Beach’s Monorail System, 300 Alton, and others.
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
License: FL SL3160379
441 Collins Avenue Miami Beach, FL 33139
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