This Miami property located at 11950 N. Bayshore Drive is currently operating as the “Mid Bay Club Apartments” and is the only income-producing, multi-family waterfront site on the market
MIAMI (Nov. 12, 2019) – Colliers International South Florida is proud to announce that their Miami “Urban Core Division” brokers, Mika Mattingly and Cecilia Estevez, have been chosen to lead the sale of a particularly prime 34,275 square foot, multi-family waterfront redevelopment site, along the thriving coastline of Biscayne Bay, to be known as “Waterstock.” This long-held family-owned complex, and the only income-producing waterfront multi-family on the market, is available for sale or partnership.
Currently owner-operated as the Mid Bay Club Apartments, the site is located at 11950 N. Bayshore Drive and currently features 27 well-appointed one- and two- bedroom leased units of strong occupancy. With 217 feet of direct “dockable” water frontage, the idyllic property additionally features a waterfront lawn/garden, pool, BBQ area and covered patios.
“The City of North Miami is one of the fastest growing submarkets in the Miami area. Waterstock’s commanding waterfront location is primed for success and we’re thrilled to represent this property to prospective buyers or equity investors. The timing is right to capitalize on a unique opportunity in this market. With only 1,015 new units delivered over the past five years and a 96% occupancy rate, asking rents per unit have increased 28.4%. The lack of new development coupled with the unwavering demand for waterfront properties will allow “Waterstock” strong occupancy rates and positive rent growth,” said Mattingly.
The “Waterstock” site was awarded “B-Z” (Bayshore Zone) as one of only three parcels in North Miami with such a distinction. The in-place B-Z designation with 100 dwelling units per acre, ensures that this select stretch of shoreline is appropriate for higher density development - allowing a potential 90 dwelling units as-of-right with minimal LEED certification. Currently allowing an as-of-right height of 115’, there is broad rationale that a text amendment will allow a much greater height. Assuming 11 stories, possibly over 200,000 square feet could be developed with 90 apartments with spectacular views.
Strategically positioned between South Florida’s two major business districts, Downtown Miami and Downtown Fort Lauderdale, the Waterstock site is immediately across from the exclusive Indian Creek island and the Bay Harbor Islands and nearby to I-95. The site is a mere two walkable miles over scenic Broad Causeway to world renowned beaches and the exclusive Bal Harbour Shops that is currently undergoing a $40 million renovation.
With convenient access to South Florida’s most notable destinations and landmarks such as the Museum of Contemporary Art, Florida International University’s Biscayne Campus, Johnson & Wales University, Oleta River State Park (Florida’s largest urban park), and numerous golf courses in every direction, North Miami’s population of 62,000 residents is steadily increasing at a rate of 5.7% since 2010. The city’s population is expected to further increase an additional 3.6% by 2024.
For more information, e-mail Mika Mattingly at firstname.lastname@example.org or Cecilia Estevez at email@example.com.