Cushman & Wakefield and Fisher Auction Company have listed a rare Miami Beach redevelopment opportunity at 1446 Ocean Drive for a minimum bid of $26 million.
MIAMI, Dec. 2, 2015 – Cushman & Wakefield and Fisher Auction Company announced today that they have been retained as exclusive advisor for the sealed bid auction of 1446 Ocean Drive, a prime redevelopment site in Miami Beach. Senior Director Rosendo Caveiro and Fisher’s Francis D. Santos, representing the existing cooperative association, are offering the site for sale at a minimum bid of $26 million.
The ±0.321-acre site currently houses a 45-unit, ±22,000-square-foot residential cooperative and commercial space built in 1960. The property offers approximately 96 feet of frontage on world-famous Ocean Drive and unobstructed views of Lummus Park on South Beach, the beach itself and the Atlantic Ocean. The property is within walking distance of Lincoln Road, Miami Beach Convention Center, Collins Avenue and many retail and entertainment venues.
The property is zoned Mixed Use Entertainment (MXE) and located in the Ocean Drive/Collins Avenue Historic District. Future development could include luxury condominiums, a hotel or commercial developments up to 50 feet or five stories in height.
“The site’s location and zoning make it ideal for a five-star luxury condominium project or boutique hotel,” said Caveiro. “This is a once-in-a-lifetime chance to purchase ocean-view Miami Beach real estate in one of the world’s most desirable, chic and popular markets.”
“We look at this like a blank canvas with the opportunity to create something different, high-end, stylish and in vogue,” added Santos.
Sealed bids for the site are due Friday, January 15, 2016. The top bidders will then participate in a live auction to be held on Wednesday, January 20, 2016.
“Two-thirds of the co-op owners have already approved the sale, as required by their bylaws,” explained Caveiro. “The reserve price of $26 million has been agreed upon and the highest bid above that will constitute a sale.”
For Further Information Contact:
Cushman & Wakefield
305 533 2877
David A. Meyer
407 489 7488