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Robert Ellis
Pro Member
#1 Land & New Construction Contributor
  • Developer
  • Columbus, OH
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Miami FL ground up hotel / condo development

Robert Ellis
Pro Member
#1 Land & New Construction Contributor
  • Developer
  • Columbus, OH
Posted Mar 18 2024, 18:19

We have a site located and are preparing underwriting and a finalized deck with construction set for the following:

NW 79th Corridor and Biscayne Blvd in Miami FL east of 95 33138

0.35 acre site

101 studios and one bedroom hotel / airbnb condo project

$3 million land, $16 million hard cost, exit is sale of all 101 units at $750 per square foot conservatively. 65000 sq ft of salable space at approx 40 studios and 61 one beds. Equivalent density is 300 units per acre. We are developing all within approved and warranted zoning for quick permit approval. $350,000 on the studio units, $400,000 on the one bedrooms. The exit at this underwriting is approx $38 million. High equity project with low risk.

Miami allows for presale of condos and this is approx 1/4 of the average cost for a single family home in the same zip code.

This is a CRA and very easy to finance. We are raising the equity to close on the land and would be interested to talk to capital partners. 10+ years of real estate, agency, appraisal, condominium development, general contracting, and national construction experience and we are bringing in one of the largest hotel construction managers in the state of Florida as a qualifier. Looking for General or limited partners with a balance sheet. Please DM for more info

The strategy we are looking to do is hotel based 1 bedroom style project. This article talks about the trend around Miami:

There have been two recent developments in the 79th corridor in Miami that already set precedent and can help give an idea of what we are looking at doing, they are below:

https://floridayimby.com/2023/07/250-microunits-proposed-for-miamis-little-river-neighborhood-at-279-ne-79th-street-miami-florida-33138.html

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