Uncovering Development Opportunities on High-Potential Sites

As I continued to explore underutilized sites in Miami's Wynwood-Edgewater neighborhood, I focused on the second site with the highest number of units allowed by zoning regulations. Currently, this site has no residential units. The zoning permits up to 1,250 units on the 363,184-square-foot (SF) site. The existing structure occupies 763,761 SF and comprises ground-floor retail spaces and parking facilities.

To better understand the property's potential, I identified the owner using the address that begins with "3300 ENTERPRISE." By searching properties owned by this address, I discovered additional adjacent sites. When combined, these sites allow for a total of 1,905 units. The combined lot size of these adjacent properties is 553,441 SF, and the existing structures amount to 976,787 SF of retail and parking space.

Conceptualizing a Vertical Development Layout

Consolidating these adjacent sites results in an extended stretch of ground-floor retail, which appears suitable for vertical development with towers. Additionally, analyzing demographic trends within the relevant census tract revealed positive indicators, such as a growing population, suggesting a potential demand for more residential units in the area.

I drafted plans for six towers on the existing plinth to evaluate the site's feasibility. This design accommodates approximately 1,900 two-bedroom units, each measuring 1,040 SF. The proposed layout fits well within the site’s constraints and would add 2.5 million SF to the project, reaching a total of 3.5 million SF based on the Floor Area Ratio (FAR) allowed by zoning.

Analyzing Financial Feasibility and Scaling Investment Risk

I plan to adjust the financial assumptions and analyze the project's returns. I am open to sharing the PRO model for collaborative input on these assumptions. Given that the current project would require an investment of hundreds of millions of dollars, my next step will be to continue examining the neighborhood with a focus on medium-sized development opportunities. This shift aims to manage investment scale and risk more effectively.