Vacant Land for Development
Beacon Hill Property Group is pleased to announce the sale of 1425 Bay Road in Miami Beach, FL. This 6,000-square-foot vacant lot was sold for $2,150,000 or $358 per square foot. The existing FAR allows for the as-of-right development of up to 7,500 square feet of townhomes (as depicted in the rendering below). The Buyer was an NJ-based developer. Beacon Hill Property Group represented the Seller in this transaction.
Property Facts
Location
NE corner of Bay Road and 14th Terrace
Proposed Development
7,500 sf multi-family/townhome project
Bay Views
Unobstructed water views from the 3rd and 4th floor
Status
Vacant lot
Lot
6,000 SF
Price
$2,150,000
Assemblage Opportunity
As the South Florida market continues to grow across all economic sectors, we expect luxury townhomes, boutique condo projects, short-term rentals, or spec single-family homes to be the highest and best use for this site.
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