SOBE`s LAST remaining vacant development site on ocean dr.

SOUTH OF FIFTH
MIAMI BEACH’S 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
[email protected]
RON LAVIV
Charles Rutenburg Realty
917.887.8069
[email protected]
304-312 OCEAN DRIVE
SOBE’s LAST remaining vacant development
site onDRIVE
ocean dr.
304-312 OCEAN
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
304-312 OCEAN DRIVE
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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
304-312 OCEAN DRIVE
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CONTEXT MAP
304-312 OCEAN DRIVE
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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
304-312 OCEAN DRIVE
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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
304-312 OCEAN DRIVE
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AERIAL
304-312 OCEAN DRIVE
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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
RESIDENTIAL MARKET OVERVIEW
GLASS
304-312 OCEAN DRIVE
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Presented By:
METRO 1 COMMERCIAL
PETER ANDOLINA
executive director, metro 1 land
305.571.9991
[email protected]
RON LAVIV
Charles Rutenburg Realty
917.887.8069
[email protected]