A five-property assemblage and redevelopment opportunity at 1656-1680 Alton Road, a premier location in Miami Beach, has hit the market.
Totaling 1.38 acres on the block running up to the iconic Lincoln Road, the portfolio includes 1.21 acres or 52,500 square feet of contiguous developable lots with an existing 55,516-square-foot mixed-use/retail structure along Alton Road and an additional 0.17-acre or 7,500-square-foot parking lot on the West Avenue side.
Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth will spearhead the sale on behalf of Alton Road Invest, LLC. Avison Young Principal George Vail is available for debt and equity discussions.
“Investor-developer interest remains high for prime location opportunities,” said Crotty. “There is currently no other property on the market in the area like this Alton Road portfolio, considering its development potential and proximity to Lincoln Road retail and the beach.”
Several investment scenarios are possible with the asset. In-place zoning permits redevelopment into residential and hospitality uses, which would be supported by the major Lincoln Road shopping destination. Nearby projects with similar zoning, such as the recent 17 West to the north and the high profile 1212 Lincoln Road to the south, were recently redeveloped to include residential, hospitality, or retail uses. Additional investment options include a covered land play with the existing retail structure or the in-place retail use. Ace Hardware and Elevation Fitness are current tenants at the property.
“We expect the strongest interest from potential buyers seeking to redevelop and maximize the use of the property and location,” continued Crotty. “The asset will also receive significant attention from investors attracted to high retail values on and near Lincoln Road, a tourist hotspot and primary outdoor mall in Miami Beach.”
Lincoln Road sees a retail spend in excess of $1 billion and more than 11 million visitors annually.