New York-based Abingdon Square is telling prospective buyers that a 0.7-acre assemblage at 2200 and 2230 Northwest Second Avenue and 224 Northwest 22nd Lane could potentially accommodate a skyscraper with 789 residential units under Florida’s Live Local Act, according to an offering memorandum.
The site is being marketed for $31 million. Abingdon Square, led by principal Benjamin Atkins, purchased the three properties for $5.1 million in 2013, records show.
Prospective buyers will be interested in knowing that they could build a potentially larger project under the Live Local Act, Ari Dispenza, who is marketing the site, said.
In Wynwood, the height of buildings is capped at five to eight stories, but developers can go as high as 12 stories in some areas of the neighborhood by offering public benefits. The Abingdon site’s current zoning allows for a five-story mixed-use development of office or residential with ground-floor retail, the offering states. A residential component could only have a maximum of 70 units.
But a project could score an additional three stories and 55 more units by providing public benefits, the memo states.
Yet, the memo primarily highlights the advantages of the Live Local Act, which allows developers to build new mixed-use or residential projects that can be as tall as buildings within one mile. The Abingdon site is within one mile of multiple high-rise buildings.
Source: The Real Deal