Miami River Development Overview and Site Walk with Pink Development - Miami FL
Site Visit Video: Miami River Development in Miami, FL
In this video, I visit a potential development site on the Miami River, which initially seemed promising for a 312-unit mixed-use project. However, upon visiting the site, I quickly realized it didn’t pass the "feel" test, underscoring the importance of on-site evaluations before diving too deep into underwriting.
Highlights:
Location: 3440 NW North River Dr, Miami, FL 33142
Initial Impressions: Despite initial optimism, the site is surrounded by heavy industrial uses such as scrap yards, marine yards, and proximity to the airport. This environment isn't conducive to residential development.
Development Vision: Originally considered for a significant mixed-use project with residential units and commercial space, covering over 300,000 sq ft.
On-Site Realization: The heavy industrial surroundings make it unsuitable for residential development, emphasizing the necessity of site visits to assess the feasibility and environmental context.
Lesson Learned:
Always get boots on the ground to inspect potential development sites. A site visit can reveal critical environmental and contextual factors that aren't evident from initial research or maps.
Property Details:
Price: $4.85 million for 1.14 acres
Lot Size: 49,800 sq ft
Max Building Footprint: 39,840 sq ft
Potential Build: 8-story midrise, 318,720 sq ft total with parking, 325-375 units plus commercial space
Construction Estimate: $79,750,000 plus land and soft costs, with a final development value around $125,500,000
Current Use: Heavy Manufacturing Industrial (IU-2), with various industrial and commercial uses permitted
Call to Action:
If you're in the market for development or predevelopment land acquisition, rezoning, entitlements, or need preliminary construction numbers, we want to connect with you. We specialize in identifying the highest and best use for properties and working through the complexities of land development. Let's partner up for successful projects in Columbus, Ohio, and Miami, Florida. Reach out to discuss opportunities and how we can assist you in achieving your development goals.
For more details and to chat about potential projects, contact us today!
Rob Ellis
Pink Development and Construction
614-400-8762
