The Edgewater neighborhood Opportunity Zone (OZ)[1] has been recently in the news. After reading the Real Deal article [2], I pulled out my phone and scanned the neighborhood using Deepblocks Maps to get a broad understanding of its parcel make up. After a quick survey, it was easy to see what the fuss was all about. Like last week, I broke down the data by simply aggregating the zoning code types to get a better idea of the potential total gross buildable areas.
Via Deepblocks Maps, our FREE web-based app.
Let's look into the data and ask:
What kind of parcels are there in zip codes 33132 and 33137?
What are the basic characteristics of the zoning?
What can we build? (Use Type, Total Gross Buildable Area)
Edgewater: 33137, 33132 zip codes within the OZs.
Pulling out the zip codes that comprise the neighborhood, we can identify the following:
Total Parcels: 5,419
Existing Building Parcels: 629 (12% of the total)*
Old Building Parcels: 4,013 (74% of the total)* [3]
Vacant Land Parcels: 780 (14% of the total)*
Parcels in TOD (Transit Oriented Development): 996 (18% of the total)*
Parcels in RDIA (Residential Density Increase Areas): 34 (1% of the total)*
*percentages based on the total parcels in 33132 and 33137 zip codes
The zoning type and potential total gross buildable breakdown is a bit more interesting. See the tables below:
Zoning Code Table: 33137 & 33132 Breakdown
Percentages based on the total parcels in 33132 and 33137 zip codes
What can we build: Potential Total Gross Buildable
250,000+ SF: 38 parcels
50,000 - 250,000 SF: 302 parcels
50,000 SF or less: 5,079 parcels
Conclusion
The Edgewater neighborhood has some of the best zoning attributes of any in Miami. There are 545 parcels in the T6-8 to T6-36B range within a small, concentrated area. The T6-36A-O comprise 90% of the TOTAL amount of these zoning code types that fall within Opportunity Zones across the whole city. And, if you couple that with its very desirable location, then the picture becomes more clear of why this area is a developer’s dream.
Notes:
A part of Edgewater is captured in the Opportunity Zone Census Tract ID: 120860002702.
The Economic Innovation Group has an investment score of 8/10 for this tract as well.
Old Buildings are defined as built before 1970. The assumption is that these would be more likely for redevelopment because of the buildings life-cycle (50+ years). See my previous post on Old Building parcels, here.
