Ocean Drive Redevelopment Site up for Auction
- Dec 02, 2015
A redevelopment site at 1446 Ocean Dr. in the Ocean Drive/Collins Avenue Historic District of Miami Beach has hit the market. Cushman & Wakefield and Fisher Auction Company have been retained as exclusive advisor for the sealed bid auction of the property.
The 0.3-acre property is zoned as Mixed Use Entertainment (MXE) and it currently houses a 45-unit, 22,000-square-foot residential cooperative and commercial space built in 1960. The site is within walking distance of Lincoln Road, Miami Beach Convention Center, Collins Avenue and many retail and entertainment venues, with around 96 feet of frontage on Ocean Drive. The property offers views of the beach as well as Lummus Park on South Beach. Future development could include luxury condominiums, a hotel, or commercial developments up to 50 feet or five stories in height.
Senior Director Rosendo Caveiro of Cushman & Wakefield and Fisher’s Francis D. Santos are offering the site for sale at a minimum bid of $26 million, representing the existing cooperative association. Sealed bids for the site are due January 15, and the top bidders will then participate in a live auction on January 20.
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