Key Biscayne Redevelopment Opportunity

A unique opportunity for re-development in affluent Key Biscayne. Located on a lot of + 29,700 sf (+ 0.68 acre), two platted lots, built in 1964. It is a two-story residential condominium building, CBS, + 20,700 sf GBA of which + 14,172 sf is rentable. The units have 1,181 sf under air-conditioned area with 2 bedroom / 2 bathroom that presently are either on a month to month rents or with short remaining leases. The building is also within walking distance to the Atlantic Ocean beachfront. The zoning is RM – 16, Medium Density, by the Village of Key Biscayne, FL. The current zoning designation permits multi-unit residential development at a density of 16 units/acre, a maximum height of 50 feet and four stories, with a maximum FAR of 0.8:1 for a four-story building. Residential uses at a higher density, and commercial and industrial use are prohibited. APPROVED RE-DEVELOPMENT: Estimated Net Sellable: 22,000 sf – Average Unit Size: 2,000 sf – Number of Units: 11 The only recent new inland, non-coastal development site in this submarket was the Sunrise 101 building on the corner of Sunrise Drive and Crandon Boulevard developed by the same owners of 202 Sunrise Drive