An out-of-town developer boasts he’s nonetheless dedicated to constructing a mega-project in Miami. So why would Ben Beitel undergo the difficulty of hiring a industrial brokerage to market his whole blocklong website?
In a current cellphone interview, Beitel insisted his eponymous Brooklyn-based agency just isn’t actually excited by promoting the practically 3-acre growth website in Edgewater.
“It’s full pace forward,” Beitel mentioned. “It isn’t even a query. We’re getting demolition bids now. We love Miami.”
But, Beitel Group lately listed the 12-lot assemblage at 3333 Biscayne Boulevard with an asking worth of $75 million, an providing obtained by The Actual Deal exhibits.
The 26-page doc, ready by Miami-based Apex Capital Realty, touts 3333 Biscayne Boulevard because the “solely out there website left in Edgewater of this magnitude with accredited website plans.”
Apex’s Francisco Rodriguez and Miguel Pinto are advertising and marketing the property on behalf of Beitel Group, the providing states.
The assemblage at 3333 Biscayne Boulevard just isn’t on the market, Beitel insisted. “We employed Apex to do a valuation,” Beitel mentioned. “We need to perceive the worth.”
Pinto didn’t reply to textual content messages asking if Apex has an ordinary apply of placing out choices to acquire a “valuation” as an alternative of a sale.
Whereas he would contemplate promoting on the proper worth, Beitel mentioned his agency remains to be dedicated to constructing a three-tower, mixed-use mission on the complete metropolis block. In 2022, Beitel acquired the two.9-acre assemblage for $46.8 million and entered right into a three way partnership with Dever-based multifamily developer Aimco. On the time, Beitel and Aimco mentioned the deliberate mixed-use mission would additionally embody ground-floor retail and workplace area fronting Biscayne Boulevard.
His agency owns 80 p.c of the mission, Beitel mentioned.
An Aimco spokesperson didn’t reply to a request for remark.
The Beitel assemblage joins a plethora of Miami and Miami Seaside growth websites which have hit the market since December. In some instances, the websites are shovel prepared, whereas a lot of the properties have not less than an accredited website plan.
The positioning at 3333 Biscayne Boulevard is accredited for a 1.5 million square-foot growth consisting of three buildings with a most peak of 41 tales, the providing states.
The assemblage consists of 12 heaps, with half the properties consisting of a shuttered Wendy’s fast-food restaurant, 4 single-family houses and a 26-unit house constructing which are all earmarked for demolition, the providing states.
The positioning at 3333 Biscayne Boulevard is on the identical block because the Hamilton on the Bay house tower owned by Aimco that the corporate is renovating. Aimco can be planning a 60-story multifamily constructing with 241 residences and 4,700 sq. ft of retail area adjoining to Hamilton on the Bay.
