Waterfront building in Miami’s Brickell neighborhood has hit the market unpricedMarch 4, 2018
A 13-story co-op building in Miami’s Brickell neighborhood has hit the market unpriced, and has already drawn an offer from Alta Developers’ Henry Pino.
They’ve already drawn one serious offer. Henry Pino, a principal of Coconut Grove-based multifamily builder Alta Developers, has offered to pay $65 million, but only if the city rezones the property to increase its height limit.
The 66,000-square-foot site at 1430 Brickell Bay Drive currently has a 13-story, 98-unit co-op building that dates back to 1961. Each individual owner controls a share of the building and occupies one unit. It would take a 70 percent vote of the co-op owners to terminate the co-op and allow redevelopment of the property, Pino said.
When Miami 21 was approved in 2010, the stretch of Brickell Bay Drive from Southeast 14th Street to Southeast 15th Road was rezoned from between 24 and 48 stories to T 6-8, which has a maximum of eight stories. Several pre-existing buildings there are already taller than eight stories.
The current zoning for 1430 Brickell Bay Drive would allow up to 275 units in 12 stories.
The area is just east of the Four Seasons Hotel Miami, which is the tallest building in South Florida at 70 stories. So if 1430 Brickell Bay Drive was any taller, it would block more views at the Four Seasons.
Pino said his $65 million offer is contingent on obtaining zoning for 48 stories. That would allow about 300 condos.
Alta Developers want to buy out the co-op at 1430 Brickell Bay Drive and build a 48-story condo.
Fay said a condo, as opposed to rental apartments, is the best use for the property because of the high acquisition price and the waterfront location.
Pino already owns one co-op in the building, which was acquired for $400,000. In 2017, he filed a lawsuit against several other co-op owners there who he claimed interfered with his efforts to purchase a second co-op in the building at a price significantly above market value. That case remains pending.
Source info The South Florida Business Journal