Big-box retail site sold for $64 million
After years in the commercial real estate business, one knows when to take advantage of a great offer, said Ignacio Garcia Du-Quesne, former developer of the proposed retail and office project Bayview Market in the Biscayne corridor at 17th Street.
BDB Miami LLC, of which Mr. Du-Quesne, Jeffrey Weil and Michael Bisciotti are managing partners, and 110 Avon, a partnership between Atlanta-based BDB Realty and Redwood Capital Investments, sold the 7.35-acre vacant site in Edgewater for $64 million to Rebuild Miami-Edgewater, headed by Richard Meruelo.
BDB Miami owned the site at the corner of Northeast Second Avenue and 17th Street for years and announced in 2009 construction would begin in 2010 for the $200 million project. It was to include up to 525,000 square feet of office and retail space and 1,200 to 2,160 parking spots.
“Then the recession occurred, the market made such a turn and everything came to a stop,” Mr. Garcia Du-Quesne told Miami Today this week. “We got a great offer and decided to take the profit.”
Attorney Louis Zaretsky, who represents Mr. Meruelo, said his client’s plans are unknown at this time. He said it’s a unique property and it’s difficult to find a vacant lot of this size in the area.
“Mr. Meruelo has faith in the area,” Mr. Zaretsky said in reference to his client’s interest in the property.
The site was recently rezoned, with 3.9 million square feet of building allowed. It’s the largest footprint in the city of Miami, said Mr. Du-Quesne.
In April 2009, Omni’s Community Redevelopment Agency board approved making Bayview Market eligible for a 50% tax rebate once the project was completed, totaling up to $20 million.
Rebuild Miami-Edgewater will not be using the special permit the former owners had but may seek another one, Mr. Zaretsky said.
As for the proceeds from the sale, Mr. Du-Quesne said BDB Miami is interested in talking on grocery-anchored shopping centers.