RIVER DISTRICT VALUE ADD MULTIFAMILY

The Porosoff Group of Compass Commercial is proud to present 345 NW 3rd Street in Miami, Florida. The subject property is a 22-unit building with one ground-floor commercial space. Built in 1926 and sitting on a 7,500 SF lot zoned T6-8L, the building will be delivered with a full set of plans for a complete renovation of the property.

The subject property is currently in shell condition and will require a full renovation according to the submitted plans. The proposed unit mix will include 16 two-bedroom two-bath units, 2 two-bedroom one-bath units, and 4 one-bedroom one-bath units with additional commercial space and a covered terrace on the ground level. Plans also call for a basement-level laundry facility.

The property is located across the street from Lummus Park where there is a lot of development activity underway. Additionally, the property is located blocks away from the Sawyer’s Walk project being developed by Swerdlow Group, a 1.4 million SF project which will include national retailers such as Target, Aldi, Ross, Burlington, Five Below, and an additional 578 units joining the neighboring brand new Publix and Chik-Fil-A located at the Miami Central development at the Brightline. Other nearby developments underway will include Related Groups “Gallery at Lummus Parc” which will include 439 apartments one block from 345 NW 3rd St. Additionally, the development of Culmer Gardens into 540 mixed-income units will be located one block north of the subject property.

The River District in the Lummus Park area will also see significant growth in the commercial uses to join the popular nightlife spots already operating, which include, Kiki on the River, Sea Spice, Crust, Casablanca, and Garcias. There has recently been 3 new restaurant concepts along the Miami River by Roman Jones, owner of Kiki on the River. These concepts will include a Middle Eastern concept called Habibi, an Italian eatery located at the former Captain Tom’s riverfront, and a Spanish seafood restaurant at the former Hernandez Body Shop. These will all be significant drivers to the area, making the area even more of a growing hot spot.