MIAMI | 3333 Biscayne Boulevard | 473 + 462 + 212 FT | 41 + 40 + 12 FLOORS

[chris08876]

Aimco teams up with Brooklyn firm to develop mixed-use project in Miami’s Edgewater

A Brooklyn real estate firm is partnering with apartment real estate investment trust Aimco to develop a mixed-use project in Miami’s Edgewater.

The development site is on the same block where Aimco has been assembling land and gut-renovating the Hamilton on the Bay apartment tower.


Beitel Group paid $45 million for the 2.8-acre property at 3333 Biscayne Boulevard, two months after Denver-based Aimco’s $1.7 million purchase of 440 Northeast 34th Street, according to Marcus & Millichap, which represented the seller.

The two firms plan to build a 1.5 million-square-foot development with more than 600 apartments, retail and office space, said Julien Darmon, director of acquisitions at Beitel Group. The office space would be built above the ground-floor retail, fronting Biscayne Boulevard.

The acquisition marks Beitel’s first purchase in Miami. The buyers financed the deal with a $40.9 million loan from Northwind Group, Darmon said.

Beitel is looking at other deals in South Florida, he said.

Apartment developers have flocked to Edgewater in recent years, and a number of new projects are in the pipeline.


[...]



The site, one of the largest remaining assemblages in Edgewater, could be developed into a 36-story tower, or up to a 60-story high-rise with bonuses, according to the marketing materials. By right, about 417 residential units could be built and more than 2 million square feet of new construction. Residential, office, hospitality and retail are allowed on the assemblage.

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TRD

[chris08876]

Aimco Says Construction Will Begin In 2023 On 1M SF Mixed-Use Edgewater Project

A major project is expected to begin construction in Edgewater in 2023, developer Aimco told investors.

The construction start date was revealed last week in the company’s first quarter financial results.

Aimco has a 20% stake in the project, and will serve as the project’s development manager. The company said it contributed an eighth of an acre of land purchased for $1.7 million in January 2022 to the joint venture.

The new project will serve as the gateway to Aimco’s Edgewater land assemblage, where it plans another 649-foot residential tower, and its redevelopment of The Hamilton On the Bay apartment tower.

The new gateway development will have approximately one million square feet of space, Aimco said.

Beitel Group of Brooklyn recently paid $45 million for a 2.8-acre property at 3333 Biscayne, which includes a Wendy’s and older apartment buildings.

At the time, Beitel said it would partner with Aimco on a project that would have 600 apartments, ground floor retail, and office space above the retail.

A rendering on the Beitel website shows a future project called Acqua Edgewater (in color). It isn’t clear if it is the same project.

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NXT

[chris08876]

Three Edgewater Towers Submitted To FAA For Height Approval

Plans have been filed with the Federal Aviation Administration for three new towers in Edgewater.

The site where the newly filed towers are planned is the Beitel property at 3333 Biscayne Boulevard.

According to the September 22 filing, the three towers proposed include:

East Tower, rising 501 feet above ground, or 509 feet above sea level

North Tower, rising 481 feet above ground, or 491 feet above sea level

Office Tower, rising 228 feet above ground, or 239 feet above sea level

Beitel purchased the property earlier this year. The developer has previously said they would partner with Aimco to build over 600 apartments, ground floor retail, and office space above the retail.

Aimco is also planning multiple apartment towers on the same block.

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NXT

[chris08876]

Revealed: 3 Mixed-Use Towers Proposed At 3333 Biscayne

Plans have been revealed for a 3-tower mixed-use project at 3333 Biscayne Boulevard in a filing with city planners.

Three towers are proposed:

East Residential Tower (41 stories, 473 feet)
North Residential Tower (40 stories, 462 feet)
West Office Tower (12 stories, 212 feet)
The combined project is planned to include:

635 dwelling units (including nine townhomes),
156,989 square feet of office use
19,180 square feet of ground floor commercial uses
1,210 parking spaces, in an 8-level garage
According to a letter from the developer’s representative:

Project architect have designed three towers and a podium without overwhelming the area. An office tower along Biscayne Boulevard prudently avoids realizing its full permitted height and features a staggered design. The two residential towers are positioned diagonally from each other to maximize separation and avoid crowding. At the podium level, the project is lined on the north and east facades with nine ground floor townhome units and a courtyard that promise to keep public areas activated.

Thanks to the Property’s ample area and a private agreement among the unified parcels’ owners to allocate development rights among their sites, the Applicant is proud to have produced an outstanding design without the need for Waivers, Warrants, or Exceptions.

Development rights from adjacent properties controlled by Aimco are being used in the proposal via a covenant in lieu of unity of title.

Stantec is listed as the architect.

Beitel Group has previously been announced as the developer.

A hearing before the Urban Development Review Board is scheduled for November 16.

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NXT

[chris08876]

This was approved via the FAA.