SOUTH OF FIFTH MIAMI S BEACH TRENDIEST & MOST SOUGHT AFTER NEIGHBORHOOD 304-312 OCEAN DRIVE metro1.com Presented By: METRO 1 COMMERCIAL PETER ANDOLINA executive director, metro 1 land 305.571.9991 info@metro1.com RON LAVIV Charles Rutenburg Realty 917.887.8069 ronlaviv@gmail.com SOBE s LAST remaining vacant development 304-312 OCEAN site on DRIVE ocean dr.
Property Description: Metro 1 Commercial and Charles Rutenberg Realty are pleased to offer for sale the 304-312 Ocean Drive site (the "Property"), an opportunity to acquire a 11,500 SF development site located on the world famous Ocean Drive which is the main tourist avenue of the bustling South of Fifth Neighborhood in Miami Beach. Featuring 100 feet of frontage on Ocean Drive the property is well-located for a Hotel or Luxury Condominium. Directly diagonal to the site is the Marjory Stoneman Douglas Ocean Beach Park which is a 4.2 Acre public park which offers direct access to the beach and allows the Property to have direct ocean views. This is the only vacant development site on Ocean Drive. Property Address: 304-312 Ocean Drive, Miami Beach, FL 33139 Lot Size: 11,500 SF Permitted Uses: Residential or Hotel Gross Development SF: 20,125 Asking Price: $14M GLASS ONE OCEAN 321 OCEAN 300 COLLINS FIFTH STREET SUMMARY 2
Location: The property is located in South Miami Beach, on the NW corner of Ocean Drive and 3rd Street, two blocks South of 5th Street, which connects to the Macarthur Causeway. The Macarthur Causeway is the main artery from Miami Beach to Miami and connects the city to the Port of Miami and the Miami International Airport and sees average traffic of over 109,461 vehicles per day. It provides direct access to I-95, SR836 and Downtown Miami. The South of Fifth neighborhood in Miami Beach has transformed in the last decade into the most exclusive and trendy neighborhood in Miami. The neighborhood is located on the southernmost tip of South Beach in between Fisher Island and the Macarthur Causeway. The neighborhood is home to many attractions including world renowned restaurants, hotels, shopping and parks. Luxury residential development has been booming in the immediate area with projects like 321 Ocean Drive, 350 Meridian, Glass, Louver House, Marea South Beach, One Ocean and Three Hundred Collins. LOCATION 3
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Zoning Analysis Lot Size: 11,500 SF Zoning: RPS 3 Permitted Uses: Residential or Hotel (Permitted ancillary uses to hotel are Restaurants and Bars) FAR: 1.75 x Lot Area; Up to 20,125 SF, exclusive of parking, can be achieved. Other: The minimum residential unit size is 600 SF; the average size of residential units should be at least 850 SF. For hotel use, 15% of the units can be 300-335 SF; 85% of the units must be 335 SF or greater. Height: The height limit is 50 RESIDENCE VILLA LUXURY CONDO EXCLUSIVE HOTEL Approved plans are in place for: See following page and www.3one2ocean.com ZONING ANALYSIS 5
3ONE2 OCEAN DRIVE Background: 312 Ocean Drive used to be the Biltmore Apartments; built in 1937. The building was destroyed by Hurricane Wilma in 2005. 304 Ocean Drive used to be the Sea Spray Apartments; built in 1937. In recent years, the building was abandoned and declared an un safe structure and was demolished in 2014. Approved Plans: Property was purchased in October of 2013 by the developer. It was originally occupied by an old abandoned historic building and development options were restricted to approvals of the Historic Preservation Board (HPB). After working closely with the HPB and the City of Miami Beach, the developer was able to obtain a special permit to demolish the existing historic building and proceed with a brand new development. Current architectural plans were developed by Revuelta Architecture International and include four luxurious town-homes of approximate 5,000 SF each with private rooftops and spa-like amenities and a smaller townhouse to the rear of the property. APPROVED PROJECT 6
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Residential Market Overview Overall in the Miami Beach area there are 37 new condo buildings that have been announced with more than 1,760 units that are in various stages of being built. Exclusively in the South of Fifth Neighborhood there are 7 low to Mid-rise projects being built that include One Ocean, Three Hundred Collins, Marea South Beach, Louver House, Glass, 350 Meridian, and the 321 Ocean project (directly across the street from the Property with units selling for up to $3,000 PSF). 321 OCEAN ONE OCEAN GLASS RESIDENTIAL MARKET OVERVIEW 8
Presented By: METRO 1 COMMERCIAL PETER ANDOLINA executive director, metro 1 land 305.571.9991 info@metro1.com RON LAVIV Charles Rutenburg Realty 917.887.8069 ronlaviv@gmail.com