AT&T has sold an old BellSouth telecom site in Miami Beach to developers to build a condo.
The city’s Design Review Board will consider the application for the 24,800-square-foot lot at 6940 Abbot Ave. on March 8. Dallas-based AT&T agreed to sell the property to 6940 North Beach LLC, co-owned by Eduardo Otaola of Constellation Group and Jose Boschetti of Boschetti Group. Otaola said another co-owner in the deal is Rainer Viete of Vietmar.
Otaola noted the land is in Miami Beach’s North Beach Town Center district, which has a quicker development approval process. The project could receive final approval before the DRB on March 8, he said.
Otaola said his team recently acquired the property for $5.5 million. The deed has yet to appear in county records.
The site plan calls for a 10-story building totaling 134,573 square feet with 96 condos, 2,192 square feet of retail and 90 parking spaces. There would be a lobby on the ground floor with coworking space and a rooftop amenity area featuring a pool, a fitness center and a pickleball court.
Otaola said he’s also considering an in-house golf cart that would transport residents to the beach three blocks to the east.
The condos would range from 437-square-foot studios to 1,030 square feet with two bedrooms.
Otaola said the condos would start for under $1 million. He’s still working on a branding concept. His team is likely to permit short-term rentals in the building. The North Beach Town Center district permits short-term rental condos, he noted. Of course, each condo building has association rules governing the frequency of rentals.
“You are seeing all this development going up in Miami Beach with condos $1 million and above,” Otaola said. “You are leaving aside a lot of interest from buyers on the younger side or on the lower end of the income demographic where that’s above their price point. There’s a ton of appetite in Latin American to enter a gold standard market like Miami Beach.”
He plans to launch sales for the condo in the second quarter of this year.
Miami-based Arquitectonica designed the project and Miami-based attorney Tracy R. Slavens represents the developer in the application.