THE CANOPIES

1640 NE 164TH ST

Miami, FL 33162

Status:
Available
Price:
$3,950,000
Acres:
0.48
Lot Size:
21,000

INVESTMENT OVERVIEW

The Porosoff Group of Compass Commercial is proud to present “The Canopies” in North Miami Beach. This offering consists of a 21,000 square-foot site currently with a 8,722 square foot retail building built in 1972.
The Canopies is a proposed 52 unit, 8 story development with 64,319 total square feet, 2,745 square feet of commercial space and 77 parking spaces. Units would range from one bedroom with 574 square feet to three bedrooms with 1,147 square feet.
The property sits in the Fulford Mixed-Use Town Center District which allows higher density and heights of up to 20 stories or 255 feet. There have been several large scale 20+ story apartment buildings proposed and approved in the city of North Miami Beach in the same Fulford Mixed-Use District. The intent of the Fulford Mixed-Use District is to enable transit-oriented development that contributes to the creation of an urban downtown and the formation of a quality pedestrian-oriented mixed-use district.
In order to maximize buildable potential under the Fulford Mixed-Use Town Center this site would need to be assembled with a neighboring property to reach the 255 foot max height. With a larger site over an acre, a development with 400 units per acre is achievable. Under this density, the Canopies site would be able to account for 192 potential units.

EXCLUSIVELY LISTED BY

DAVID COHEN

CRE Multifamily Advisor
Tel: (954) 661-4908
David@porosoff.com

JOSEPH PHELPS

CRE Mixed-Use Advisor
Tel: (978) 807-3245
Joe@porosoff.com

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